Sendbird Raises $100M In Series C Funding Led By Steadfast Capital

The chat platform has achieved unicorn status at a $1.05B valuation with its latest raise. Here are the top-line bullets you need to know.

Sendbird, which offers businesses in-app integrations for chat, voice, and video, has raised a $100M Series C. The round was led by Steadfast Capital (the venture arm of Steadfast Financial) with participation from Emergence Capital, Softbank Group, World Innovation Lab, ICONIQ Growth, Tiger Global Management, and Meritech Capital.

We predicted Sendbird would hit unicorn status ($1B+ valuation) in our 2020 Future Unicorns report, made in collaboration with Fast Company.

FREE DOWNLOAD: THE COMPLETE 2020 future unicorns LIST

Get an excel file with the entire list of companies that we think will eventually be valued at $1B or more, plus funding and sector data from our platform.

How’s the company performing?

Co-headquartered in Seoul, Korea and San Mateo, California, Sendbird is the first unicorn founded in South Korea in the B2B enterprise software market. The company’s APIs enable customers to integrate chat, voice, and video functionality into their mobile phone applications.
Sendbird offers its services to more than 150M users who send over 2.5B messages on the Sendbird platform each month.
Since 2019, Sendbird has launched several new products, such as Sendbird Calls and Sendbird UIKit, and has seen the number of users on its platform triple.
Sendbird’s clients include Paytm, Hinge, Reddit, Yahoo Sports, Carousell, Handy, and Yell, among others.

Source: Sendbird

Why does the market matter?

The mobile application market is expected to grow at an 18.6% CAGR from 2020 to 2027 to reach $408.13B (by 2027), according to Precedence Research.
The Covid-19 pandemic has accelerated consumer adoption of in-app conversations with brands and other users across channels like chat, video, and voice.
Major B2C companies in the food delivery, healthcare, education, entertainment, and shopping industries are looking to communicate with their customers digitally.