The clubhouse has confirmed that it has raised a new Series C funding round at a $4 billion valuation.
The funding round was led by Andrew Chen of Andreessen Horowitz who led the Series B round earlier this year, with participation from DST Global, Tiger Global, and Elad Gil.
The clubhouse has been experiencing stiff competition from tech giants like Twitter, Spotify, Facebook, Telegram, Discord, and LinkedIn who are actively creating similar features to Clubhouse’s live audio streaming rooms.
Launched in 2020, the invite-only app has seen its popularity surge after appearances by billionaires Elon Musk and Mark Zuckerberg and reported 10 million weekly active users.
According to their blog post “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. 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.”
This new funding round will be used to heavily scale the team to support international growth, invest in localization and accessibility features, launch more programs like the Creator First accelerator to help creators get paid, invest deeply in discovery to help people find the best rooms, and continue to scale our support and community health teams.
What you should know
Earlier this year, the invitation-only audio-chat social networking app that lets you create rooms where you can talk for hours on end, raised a series B round at a 1-billion-dollar valuation.