A media SaaS company, Amagi has raised $95 million funding from Accel along with the participation of Norwest Venture Partners and Avataar Ventures.
This investment brings Amagi’s valuation to over $1 billion, making it the new member of the unicorn club. Amagi is a media technology company that provides cloud broadcast and targeted advertising solutions to broadcast TV and streaming TV platforms. It enables content owners to launch, distribute and monetise live linear channels on Free Ad-supported Streaming TV and video services platforms.
Some of its customers include NBCUniversal, Paramount, Samsung TV Plus, LG Channels, USA Today, Fubo, Redbox, and Rakuten TV among others. The company has reported a 108 per cent YoY growth in revenues. Overall, Amagi supports 650+ content brands, 800+ playout chains and over 2,000 channel deliveries on its platform in over 40 countries. The company has a presence in New York, Los Angeles, Toronto, London, Paris, Singapore, broadcast operations in New Delhi, and an innovation center in Bengaluru.
“This is a crucial juncture for our business as we look to hit a hyper growth trajectory by creating a winning combination of goals, processes, team structures and more. Our investors have a known history of crafting the success stories of companies with the promise of potential. We look forward to leveraging their astute understanding of the B2B SaaS landscape to successfully navigate the market intricacies and position ourselves for sustained success in the coming years,” said Baskar Subramanian, CEO & Co-founder, Amagi. “
This funding will enable Amagi to accelerate business expansion, both in terms of international footprint and product portfolio in the media and entertainment (M&E) market. The company aims to increase sales and marketing by fivefold across the globe. Amagi will also explore allied and adjunct opportunities in the cloud and video market to deliver greater impact across the value chain, evaluating the mergers and acquisitions (M&A) opportunities that can contribute to revenue growth or add technology capabilities to product lines.
“Amagi is leading the booming M&E industry to greater heights of technological innovation and strategic growth. Amagi’s impressive momentum is a direct result of its cutting-edge products, superior customer experience and talented leadership. We are thrilled to help fuel the company’s long-term success,” said Shekhar Kirani, Partner, Accel.