Owl Labs Raises $15M in Series B Funding
New investment from Spark Capital will help Owl Labs accelerate product manufacturing, increase hiring, and innovate new solutions for the changing workforce
Apr 17, 2019, 08:00 ET
BOSTON, April 17, 2019 /PRNewswire/ -- Owl Labs, the video conferencing company and creator of the smart 360° conferencing camera Meeting Owl, 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), this funding will help Owl Labs continue its momentum and innovate new solutions for the changing workforce. The money will also be used to grow the team, accelerate product manufacturing to meet increased demand, and expand the company's 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.
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. In 2018 alone, customers used the Meeting Owl with platforms like Zoom, Google Hangouts, and Microsoft Teams to conduct more than 450,000 meetings. Owl Labs expects 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."
Politi and Spark Capital have a history of identifying technologists and entrepreneurs disrupting or even creating new markets with their products. Among their portfolio of past investments are Oculus (acquired by FB), Twitter (TWTR), Tumblr (acquired by Yahoo!), Admeld (acquired by GOOG), and Cruise (acquired by GM). Politi's experience, combined with his background in engineering and passion for hardware, make him a strong and welcome new addition to Owl Labs' board.
"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."
This round brings the startup's total funding to date to $22.3 million. Owl Labs' previous rounds included investments from Matrix Partners and Playground Global.
For more information on how Owl Labs helps businesses, universities and nonprofit organizations collaborate and improve productivity, visit www.owllabs.com.
About Owl Labs
Owl Labs is a video conferencing company and creator of the Meeting Owl, a 360° smart video conferencing camera. With the growth of remote and distributed work, teams need better technology to meet and stay connected. Owl Labs' products will set a new standard for the remote meeting experience. Learn more about the company at www.owllabs.com.
SOURCE Owl Labs
