Cloud-based SaaS startup Amagi turns unicorn, raises about $95M from Accel, Norwest, Avataar
- ByStartupStory | March 17, 2022
Amagi, the Cloud-based SaaS technology company raised about $95 million in a funding round led by Accel with participation from the existing investors Norwest Venture Partners and Avataar Ventures. Amagi’s valuation by this latest investment makes it to more than $1 billion, making it one of the highest-valued media tech companies worldwide and a unicorn. A 108 percent year-on-year growth in revenues has also been announced by the startup.
Baskar Subramanian, CEO and Co-founder, Amagi said that this is a crucial juncture for their business as they are looking to hit a hyper-growth trajectory by creating a winning combination of goals, team structures, processes, and more. Their investors have a known history of crafting the success stories of companies with the promise of the potential. They have been looking forward to leveraging their astute understanding of the B2B SaaS landscape so as to successfully navigate the market intricacies and position ourselves for sustained success in the upcoming years.
Both in terms of Amagi’s international footprint, as well as its product portfolio in the current media and entertainment (M&E) market, this funding will enable the company to accelerate business expansion.
To increase the sales and marketing five-fold across the globe has also been aimed by the Unicorn. Exploring allied and adjunct opportunities in the cloud and video market in order to deliver greater impact across the value chain, evaluate the mergers and acquisitions (M&A) opportunities that can contribute to the revenue growth or adding technology capabilities to product lines will also be done by Amagi.
With the market opportunity of nearly $50 billion for cloud-led solutions, as video streaming booms with a complete suite of solutions Amagi stands out as a leading technology provider. Creation, distribution, and monetisation of live, linear, and on-demand channels across cable, OTT, and CTV-led Free Ad-supported Streaming TV (FAST) platforms, worldwide are also being offered by the company.
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