After closing its Series C funding round, Clubhouse now has a valuation of $4 billion, near what Twitter was willing to pay for it a few months ago.
The funding round was led by the venture capital firm Andreessen Horowitz with investors Tiger Global and DST Global joining for the first time.
The news was confirmed by Clubhouse’s co-founder and CEO Paul Davidson during a town hall with users on Sunday.
Clubhouse, the social audio app, has seen significant growth over the past few months. The company reports around 10 million monthly active users today. But the hype could be short-lived: Clubhouse has experienced lower than average growth so far in Q2. Yet this does not seem to have influenced the Clubhouse valuation so far.
While the app remains invite-only and is only available on iOS, it has faced increasing competition from other platforms. Spotify, Discord, Facebook, and LinkedIn are all working on their own audio features. But Clubhouse is probably losing steam to Twitter Spaces mostly, which is already available on both iOS and Android.
In Sunday’s town hall, Paul Davidson and Rohan Seth, co-founders, explained that the company is currently focusing on improving in-app discoverability and better notification settings. Seth added that they are also working to improve their server capabilities, a much-needed update after the app has crashed several times during high-traffic moments. There was no word about a possible Android version yet.
“While we’ve quadrupled the size of our team this year, stabilized our infrastructure, launched Payments in beta to help creators monetize, and readied Android for launch, there is so much more to do as we work to bring Clubhouse to more people around the world,” the company said in a blog post. “It’s no secret that our servers have struggled a bit these past few months and that our growth has outpaced the early discovery algorithms our small team originally built.”
And now they also have a head of sports partnerships. And I am very curious to know where this will be going…
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