Media SaaS company Amagi enters unicorn club with $95-mn investment

Accel leads the financing round along with Norwest Venture Partners and Avataar Ventures

Amagi, a cloud-based SaaS platform for broadcast and connected TV, has raised $95 million in a funding round where the company was valued upwards of $1 billion. This makes the Bengaluru-headquartered start-up the eleventh unicorn of 2022.

The financing round was led by Accel with participation from existing investors Norwest Venture Partners and Avataar Ventures.

“This is a crucial juncture for our business as we look to hit a hyper growth trajectory by creating a winning combination of goals, processes, team structures and more,” said Baskar Subramanian, CEO and co-founder of Amagi. 

“Our investors have a known history of crafting the success stories of companies with the promise of potential. We look forward to leveraging their astute understanding of the B2B SaaS landscape to successfully navigate the market intricacies and position ourselves for sustained success in the coming years,” he added.

The company offers creation, distribution, and monetisation tools for live, linear, and on-demand channels across cable, OTT, and Free Ad-supported Streaming TV (FAST) platforms.

This funding will be used for business expansion, both in terms of Amagi's international footprint, as well as its product portfolio in the media and entertainment market. The company said that it will increase sales and marketing by fivefold across the globe. Amagi will also explore mergers and acquisitions (M&A) opportunities that can contribute to revenue growth or add technology capabilities to product lines.

“Amagi’s impressive momentum is a direct result of its cutting-edge products, superior customer experience and talented leadership. We are thrilled to help fuel the company’s long-term success,” said Shekhar Kirani, Partner at VC firm Accel.