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Vimeo said it raised $300 million in new equity funding — giving it a valuation north of $5 billion, doubling from three months ago — ahead of parent company IAC’s planned spinoff of the video hosting and services unit.

The new investment in Vimeo came from T. Rowe Price Group and Oberndorf Enterprises. Last month, Barry Diller’s IAC announced plans to spin off its full stake in Vimeo. That followed Vimeo’s $150 million fundraise in November from Thrive Capital and GIC, which gave it a $2.75 billion valuation.

The new investment occurred in two tranches: $200 million at a $5.2 billion pre-money valuation and $100 million at a $5.7 billion pre-money valuation, according to Vimeo. IAC currently expects to complete the spinoff of Vimeo early in the second quarter of 2021.

In December 2020, Vimeo had year-over-year revenue growth of 57%, representing the unit’s fastest growth for the year. According to IAC’s Q3 results, Vimeo was profitable and grew revenue 44% to $75 million for the quarter.

Vimeo provides a suite of video tools for businesses of all sizes, including enterprise customers such as Amazon, Starbucks, Deloitte, Zendesk, Rite Aid and Siemens. All told, the company has more than 200 million users in more than 190 countries, of which about 1.5 million of are paying subscribers.

With the proposed spinoff, Vimeo CEO Anjali Sud, who joined the company in 2017, would remain at the helm.

“As the world embraces video like never before, Vimeo is in an incredibly strong position to help more businesses take advantage of this powerful medium,” Sud said in a statement. “We have built an industry-leading solution that the market needs, and we intend to move swiftly to bring our professional-quality tools to millions more users.”

Vimeo’s spinoff would make it the 11th public company IAC has spun off to date. The conglomerate’s past spinoffs include Match Group, Expedia, LendingTree and Ticketmaster (now part of Live Nation Entertainment).