Today, we're pleased to announce that Owl Labs has raised $15 million in a Series B investment round, led by Spark Capital with continued participation from existing investors Matrix Partners and Playground Global.
After a stellar year of growth in customers (10X) and revenue (8X) in 2018, this funding will help us continue our momentum and innovate new video conferencing solutions for the changing workforce. This growth wouldn't be possible without our customers, whose support and feedback helps us learn and improve every day. We're excited to continue innovating so we can deliver the best and most inclusive meeting experience possible for hybrid teams and remote workers everywhere.
The funding will also be used to grow the team, accelerate product manufacturing to meet increased demand, and expand our international reach in 2019 and beyond.
Owl Labs' mission is to increase productivity and improve collaboration across an increasingly distributed workforce. The rise of remote work shows no signs of slowing down, and smart technology will be instrumental in driving the long-term success and productivity of this changing workforce so remote workers feel engaged and included during meetings.
While most video conferencing products have been exclusively software or hardware, the Meeting Owl is the only smart device that bridges the gap. The product provides hybrid teams with an all-in-one, platform-agnostic solution and raises the remote meeting experience to feel just like sitting in the room with its intelligent 360° video conferencing camera.
In 2018 alone, our customers used the Meeting Owl with platforms like Zoom, Google Hangouts, and Microsoft Teams to conduct more than 450,000 meetings. We anticipate over 20X usage growth in the next two years, projecting that 10 million Meeting Owl meetings will be held in 2020.
"Owl Labs is taking on a universal challenge," said Santo Politi, co-founder and general partner at Spark Capital. "Employees at all levels and across all industries have experienced the confusion, delays, and awkwardness that often come with poor video meeting setup, which over time impacts employee satisfaction and ultimately the bottom line. We're excited to invest in a company that's looking beyond current workplace technology to create video conferencing solutions that serve all employees equally."
"We are grateful to Spark Capital for their support, and for seeing and believing in the potential for Owl Labs to improve the meeting experience in ways that only a true smart device can," said Frank Weishaupt, CEO at Owl Labs. "Given our current momentum, this funding will help us accelerate growth and make significant new investments in the technology."
We are thankful for the support of our investors and our customers for helping us reach this point, and we're excited for what the rest of 2019 brings. To keep up with the latest from Owl Labs, subscribe to our blog for weekly updates or check out our job listings. (We're hiring!)