The venture funds have bought out stakes held by KKR backed Emerald Media and Mayfield Fund
Cloud-based SaaS technology provider Amagi announced that it has raised over $100 million from Accel, Avataar Ventures, Norwest Venture Partners, and existing investor Premji Invest. In addition, the venture funds have bought out stakes held by KKR backed Emerald Media and Mayfield Fund, while Nadathur Holdings continues as an existing investor. “Amagi will immensely benefit from the collective experience of Accel, Avataar, Norwest, and Premji Invest in rapidly scaling our business and expanding our global footprint,” Baskar Subramanian, co-founder and CEO, Amagi, said.
“Their deep understanding of B2B SaaS models will help us enhance value for our customers and partners. This will further nurture an entrepreneurial spirit in our employees, which is critical to building and embracing new technologies to solve complex business challenges,” Subramanian added.
As major SaaS venture funds and a media SaaS company come together through this transaction, this move will accelerate the momentum for the $50 billion cloud-based video content creation, distribution, and monetisation market, Amagi said in a statement. The company claims to have over 800 channels on its platform, and distribution in 40 countries.
According to, Shekhar Kirani, partner, Accel, Amagi’s cloud-based technology is enabling content owners to reach wider audiences, deliver personalised content, attract advertisers, and reduce cost of operations. “We have seen Amagi strengthen their leading position in the media SaaS market over the last five years because of their nimbleness, innovative technology, and customer focus,” Atul Gupta, partner, Premji Invest, said.
Moreover, the company claims that its revenues have grown by 136% in the fiscal ending March 21. It has also witnessed 44% year-on-year growth in new customers, including brands such as NBCUniversal, USA Today, and ABS-CBN coming on-board.
“While media companies are striving hard to maximise revenues and stay profitable amidst shifting consumer preferences. Amagi accurately gauged the direction of the industry transition almost a decade ago and successfully took to market pioneering cloud solutions to meet evolving media requirements,” Nishant Rao, founding partner, Avataar Ventures, stated.
Amagi said it enables up to 40% savings in cost of operations as compared to traditional delivery models. While it enables customers to effectively monetise their content libraries with its new product introductions, it claims to have delivered five to 10 times growth in ad impressions for some of its top customers.
“During my 15 years at Comcast, I saw many innovative media solutions, but Amagi is truly democratising video content creation and distribution. Amagi is at the forefront, fuelling transformation of the broadcast and connected TV industry with a platform to provide unparalleled choice to consumers around the world,” David Zilberman, general partner, Norwest Venture Partners, said.