mmhmm Raises $100M in Funding

mmhmm Secures $100 Million in New Funding

For those who regularly follow TechCrunch, the startup mmhmm is likely familiar. Its unique name tends to elicit strong reactions – either fondness or dislike. This venture represents Phil Libin’s subsequent undertaking following Evernote.

A Pandemic-Born Startup

mmhmm emerged during the pandemic, perhaps more directly influenced by it than many others. The company focuses on enhancing video conferencing capabilities, offering features like automated background removal and sophisticated presentation tools.

Having been established for just over a year, mmhmm has now accumulated approximately $140 million in funding. This includes a recent $100 million investment, initially reported by Bloomberg on Tuesday. This level of funding is particularly noteworthy considering the state of the early beta versions.

A Unique Brand Identity

While numerous startups with unconventional names have attracted significant investment in the tech industry, mmhmm distinguishes itself with a name that is almost non-existent – essentially a vocalization.

Addressing Limitations in Existing Video Tools

The foundation of mmhmm lies in the belief that current video platforms fail to fully leverage the potential of modern technology, especially in the context of presentations.

mmhmm’s primary presentation tools transform meetings from basic digital slideshows and whiteboard sessions into more polished, professional broadcasts. The company has consistently enhanced its offerings and performance through ongoing development since its inception.

Expanding Beyond Integration

Currently, mmhmm integrates with established video conferencing services like Zoom. However, Bloomberg reports that the company intends to launch a standalone application and introduce a mobile version.

This expansion appears to be a logical application of the newly acquired funds, which originate from investors including SoftBank’s Vision Fund and Sequoia Capital.

The Future of Virtual Meetings

Even as the world transitions beyond the pandemic, virtual meetings are likely to remain a permanent fixture in the professional landscape.

However, mmhmm’s extensive feature set also embodies the concept of “feature, not product” – a cautionary tale for startups that prioritize rapid growth and high valuations.