technology

Recently closed Series-C funding round to value Clubhouse at $4B

Date: April 19, 2021 Nandita Bhardwaj Nandita Bhardwaj
Recently closed Series-C funding round to value Clubhouse at $4B 
Invitation-only social media app, Clubhouse, has reportedly closed a new Series-C financing round. The new funding would value the San Francisco-based company at $4 billion, confirmed sources close to the matter.



According to Clubhouse, the new funding would go towards investing in accessibility features, backing international growth, and scaling its community and support teams, among other things. The Clubhouse app enables people to discuss numerous topics in audio chatrooms. It has witnessed a considerable upsurge in popularity, following appearances by billionaires Elon Musk and Mark Zuckerberg.



For the uninitiated, the invite-only platform was launched in April 2020 and has recently reported 10 million active users on a weekly basis. The app has demonstrated the capability of audio chat services, especially when people stay inside homes amid the SARS-CoV-2 pandemic.



As per reliable reports, the new financing round was led by venture capital firm Andreessen Horowitz’s Andrew Chen with major investors like Elad Gil, DST Global, and Tiger Global. As of yet, both, Andreessen Horowitz and Clubhouse, have not responded to requests regarding the amount of the raised funding.



Since its launch, the Clubhouse app has witnessed a strong growth in its membership. It is to be noted that a number of rival companies, comprising Salesforce.com’s Slack, Twitter Inc., Microsoft Corp.’s LinkedIn, and Facebook Inc., are working on similar features for their software.



Back in January 2021, Clubhouse had closed a Series B financing round. As stated by Clubhouse in its blog post, the company has grown faster than expected, since then. It has quadrupled the size of its team in 2021, readied for its Android launch, stabilized its infrastructure, and rolled out Payments in beta for helping creators monetize. The company believes that there is so much more to be done as it works towards bringing Clubhouse to more people across the globe.



Source credits: https://www.reuters.com/technology/clubhouse-closes-new-round-funding-that-would-value-app-4-billion-source-2021-04-18/

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Nandita Bhardwaj

Nandita holds a management degree with specialization in marketing, and boasts of a short-term experience in the field of recruitment. Following her passion for writing however, she decided to pursue a career in the field of content development. Presently, Nandita pens down news pieces for newsorigins.com, spanning the verticals of business, finance, and technology.