The social audio app, Clubhouse recently announced that it has closed its Series C funding round, which values the company at USD 4 billion. The round was led by the venture capital firm Andreessen Horowitz with investors Tiger Global and DST Global joining for the first time.
Co-founder and CEO Paul Davidson confirmed the news in Sunday’s town hall with users.
The social audio app has received plenty of hype in recent months, attracting an unending stream of press and mystique. It reports about 10 million monthly active users but has experienced some significant fall-off in new growth this spring. While the app is still invite-only and iOS-only, it faces serious competition from Twitter Spaces which, while in beta, has already rolled out to Android users.
Spotify, Discord, Linkedin and Facebook are all making moves into the social audio space as well, signalling that Clubhouse will have to fight for the format it pioneered.
In Sunday’s town hall with the Clubhouse community, Davidson and co-founder Rohan Seth laid out priorities for the company, which included better discoverability features and better notification settings. They also said they’re working to improve their server capabilities.
The company said in a 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.”
The company has been on a hiring spree, filling out its leadership team with Maya Watson as global head of marketing, Fadia Kader as head of media partnerships and Sean Brown as head of sports partnerships.