Clubhouse confirms Series B funding round to expand app

Anne Freer | January 26, 2021

App Business

Clubhouse the popular social app confirmed that it raised a significant amount of funding in a Series B round led by Andreessen Horowitz, the private American venture capital firm.

Although details of the financial transaction weren’t revealed, it’s estimated that the company received a $1 billion evaluation.

It’s been reported that the company plans to use the cash injection to roll out new products and help its community of creators to monetise their content. This could take the form of event tickets and subscriptions to channels.

A Creator Grant Program was also set up by Clubhouse to support new and emerging creators.

“Creators are the lifeblood of Clubhouse, and we want to make sure that all of the amazing people who host conversations for others are getting recognized for their contributions. Over the next few months, we plan to launch our first tests to allow creators to get paid directly—through features like tipping, tickets or subscriptions. We will also be using a portion of the new funding round to roll out a Creator Grant Program to support emerging Clubhouse creators,” the company wrote in the blog post.

So far, Clubhouse has done a good job at attracting a vast and diverse audience of users. It’s estimated t have some 2 million regular weekly active users.

But the app is far from monetising its content just yet.

At the same time, Clubhouse said it was looking to develop an Android app shortly.

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