Grain, a virtual meeting workspace, today announced it raised $16M in Series A funding led by Tiger Global Management, with participation from Zoom Video Communications, Inc., Slack Fund, Unusual Ventures, and Freestyle VC with the continued support from Acrew, Peterson Ventures, amongst others. The latest round of financing brings Grain’s total funds raised to $20M, following a $4M seed round in April 2020.
The company plans to use the funds to continue accelerating growth and expand its product solutions to meet customer demand.
“Grain is building a category-defining business with a remarkably efficient product,” said John Curtius, Partner at Tiger Global. “We believe the disruption it brings to the market, both in its technological superiority, as well as market traction, are uniquely poised to lead the future of the hybrid-work meeting model.”
The global virtual meeting software market is forecasted to be valued at $41.6 billion by 2027 and the global productivity management software market reached $43 billion in 2020 and will grow 14% annually through 2028.
“Research predicts that three-quarters of conversations at work will be recorded and analyzed by 2025 and Grain is uniquely positioned to capitalize on the massive opportunity that lies ahead,” said Jason Spinell, Head of Slack Fund. “Slack and Grain share a same ethos in making meetings more efficient and productive. We believe virtual meetings are critical for the future of work and Grain will be a central operating system empowering teams.”
Grain’s AI-based platform connects to Zoom Meetings and automates call recordings, notes, and transcriptions in order to build a knowledge base of easily searchable and shareable company meetings. By integrating into Zoom, users can identify and export the most important moments in meetings and turn them into powerful user stories and build libraries of company, customer and market knowledge.
“My brother Jake and I founded Grain with a shared belief that we had to change the way we communicate at work. It’s too common for important moments to get lost in a sea of email, instant messages and lengthy meetings,” said Mike Adams, Co-Founder and Co-CEO of Grain. “In today’s virtual-first world, video meetings are a primary form of communication. And video should be an advantage helping us retain more knowledge, but companies are getting lost in it. Grain is on a mission to solve that.”
The fundraise comes on the heels of remarkable growth for Grain: over the last year, customer count has more than quadrupled, along with a 6x increase in revenue. The company also recently acquired PingPong, a video messaging platform backed by YC, TechStars and MatchStick ventures, adding founder Jeff Whitlock as Grain’s Head of Operations.
“Grain has become an impressive player in helping the modernized workforce stay connected and drive business forward” said Sanjay Rao, Head of Corporate Development and Zoom Ventures. “Zoom is excited to partner with them on this funding round, and we look forward to seeing their continued growth and widespread adoption as businesses navigate the hybrid work environment.”