Sendbird, a startup that enables developers to add messaging to their apps with a couple of lines of code, announced a secondary Series B investment of $50 million today. This additional funding comes on top of the $52 million, the company raised in February.
The new money was led by Tiger Global Management with significant participation from the Iconiq, the firm that led the initial Series B round. Today’s investment brings the total raised to over $120 million, according to Crunchbase data.
This is a huge investment for a Series B-level company, and what appears to be driving such a large influx of cash is a fast-growing market with tremendous demand for user-to-user messaging inside apps. By offering this as an API service, developers can drop the capability into their apps without having to build it from scratch. It’s a similar value proposition as Twilio for communications or … Read the rest