Tech unicorns are becoming more rare due to the current economic climate. Despite the dips in valuations and funding challenges tech companies are facing, Austin-based Atmosphere recently secured new capital and hit the $1 billion valuation mark.
Atmosphere is a video streaming platform that provides short-form content for gyms, bars, restaurants, doctor’s officers and other businesses. On Tuesday, the company closed a Series D round totaling $65 million. Sageview Capital, Valor Equity Partners and S3 Ventures co-led the round.
Atmosphere’s platform features over 60 channels showcasing everything from relaxing nature videos and esports content to funny clips, sports programming, global news and much more. According to the company, its content currently reaches over 60 million monthly viewers.
Advertisers can also use the platform to gain brand exposure. According to Atmosphere, there is a significant return on investment for brands that run ads on the streaming service. One restaurant, for example, saw a 50 percent increase in brand awareness after exposure on the platform, Atmosphere said in a statement.
“The way customers consume TV in businesses has always been broken. The paradigms of television have been in flux for years and we saw the opportunity to create TV content and advertising specifically for businesses,” John Resig, co-founder and president of Atmosphere, said in a statement. “Atmosphere is the perfect solution for advertisers who are looking to get in front of an increasingly unreachable TV audience.”
In 2021, Atmosphere raised an $80 million Series C round. Since then, the Austin-based company has doubled its customer base and relocated offices to accommodate its growing team. A month after securing its Series C, Atmosphere announced its plans to hire 50 new employees in 2022. Atmosphere is still hiring and has several open positions listed on Built In for roles in various departments.
With the recent funding, Atmosphere will continue to expand its platform and grow its use among businesses.
“I am looking forward to concentrating full-time on the product and platform innovations that will continue to keep Atmosphere on this incredible trajectory,” Resig said.
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