Just months after it closed a $15 million Series A to grow its in-app messaging solution, Boulder startup Stream is back with another raise to fuel its growing customer-base.
The company announced this week that it raised a $38 million Series B funding round, led by Felicis Ventures’ Aydin Senkut, with participation from Series A lead investor GGV Capital and 01 Advisors. The Series B comes just six months after the company’s Series A round in August 2020, bringing its total financing to $53 million.
The company said the closely raised rounds signal an increased market interest of Stream’s chat-based technology. Stream reported a 517% increase in revenue from its chat product in 2020, while more than doubling its chat and activity feed base to support over one billion end users.
Stream provides APIs which enable product teams to build chat and activity feeds for their applications quicker and cheaper than in-house development. Customers include TaskRabbit, NBC Sports, Unilever and more.
As businesses increasingly shifted their operations online during the pandemic, Stream saw a growing need for its offering.
“The API economy creates a golden age for engineers and product teams,” Stream co-founder and CEO Thierry Schellenbach said in a statement. “With a proven API foundation to build on, teams go from concept to launch in a fraction of the time it would take to develop comparable functionality from scratch. The boost in efficiency allows engineers to focus on core features that differentiate their product instead of reinventing the wheel."
The company has offices in Boulder and in Amsterdam, where its nearly 100-person staff is split. Following this round, Stream also plans to invest in scaling its team with this latest round, after tripling its headcount in 2020.
The company participated in the Techstars NYC accelerator program in 2015 and subsequently moved its headquarters to Boulder.
