A lot of our communication these days with each other is digital, and today one of the companies enabling that — with APIs to build chat experiences into apps — is announcing a round of funding on the back of some very strong growth.
Stream, which lets developers build chat and activity streams into apps and other services by way of a few lines of code, has raised $38 million, funding that it will be using to continue building out its existing business as well as to work on new features.
Stream started out with APIs for activity feeds, and then it expanded to chat, which today can be integrated into apps built on a variety of platforms. Currently, its customers integrate third-party chatbots and use Dolby for video and audio within Stream, but over time, these are all areas where Stream itself would like to do more.
“End-to-end encryption, chatbots: We want to take as many components as we can,” said Thierry Schellenbach, the CEO who co-founded the startup with the startup’s CTO Tommaso Barbugli in Amsterdam in 2015 (the startup still has a substantial team in Amsterdam headed by Barbugli, but its headquarters is now in Boulder, Colorado, where Schellenbach eventually moved).
The company already has amassed a list of notable customers, including Ikea-owned TaskRabbit, NBC Sports, Unilever, Delivery Hero, Gojek, eToro and Stanford University, as well as a number of others that it’s not disclosing across healthcare, education, finance, virtual events, dating, gaming and social. Together, the apps Stream powers cover more than 1 billion users.
This Series B round is being led by Felicis Ventures’ Aydin Senkut, with previous backers GGV Capital and 01 Advisors (the fund co-founded by Twitter’s former CEO and COO, Dick Costolo and Adam Bain) also participating.
Alongside them, a mix of previous and new individual and smaller investors also participated: Olivier Pomel, CEO of Datadog; Tom Preston-Werner, co-founder of GitHub; Amsterdam-based Knight Capital; Johnny Boufarhat, founder and CEO of Hopin; and Selcuk Atli, co-founder and CEO of social gaming app Bunch (itself having raised a notable round of $20 million led by General Catalyst not long ago).
That list is a notable indicator of what kinds of startups are also quietly working with Stream.
The company is not disclosing its valuation but said chat revenue grew by 500% in 2020.
Indeed, the Series B speaks of a moment of opportunity: It is coming only about six months after the startup raised a Series A of $15 million, and in fact Stream wasn’t looking to raise right now.
“We were not planning to raise funding until later this year but then Aydin reached out to us and made it hard to say no,” Schellenbach said.
“More than anything else, they are building on the platforms in the tech that matters,” Senkut added in an interview, noting that its users were attesting to a strong return on investment. “It’s rare to see a product so critical to customers and scaling well. It’s just uncapped capability… and we want to be a part of the story.”
That moment of opportunity is not one that Stream is pursuing on its own.
Some of the more significant of the many players in the world of API-based communications services like messaging, activity streams — those consolidated updates you get in apps that tell you when people have responded to a post of yours or new content has landed that is relevant to you, or that you have a message, and so on — and chat include SendBird, Agora, PubNub, Twilio and Sinch, all of which have variously raised substantial funding, found a lot of traction with customers, or are positioning themselves as consolidators.
That may speak of competition, but it also points to the vast market there for the tapping.
Indeed, one of the reasons companies like Stream are doing so well right now is because of what they have built and the market demand for it.
Communications services like Stream’s might be best compared to what companies like Adyen (another major tech force out of Amsterdam), Stripe, Rapyd, Mambu and others are doing in the world of fintech.
As with something like payments, the mechanics of building, for example, chat functionality can be complex, usually requiring the knitting together of an array of services and platforms that do not naturally speak to each other.
At the same time, something like an activity feed or a messaging feature is central to how a lot of apps work, even if they are not the core feature of the product itself. One good example of how that works are food ordering and delivery apps: they are not by their nature “chat apps” but they need to have a chat option in them for when you do need to communicate with a driver or a restaurant.
Putting those forces together, it’s pretty logical that we’d see the emergence of a range of tech companies that both have done the hard work of building the mechanics of, say, a chat service, and making that accessible by way of an API to those who want to use it, with APIs being one of the more central and standard building blocks in apps today; and a surge of developers keen to get their hands on those APIs to build that functionality into their apps.
What Stream is working on is not to be confused with the customer-service focused services that companies like Zendesk or Intercom are building when they talk about chat for apps. Those can be specialized features in themselves that link in with CRM systems and customer services teams and other products for marketing analytics and so on. Instead, Stream’s focus are services for consumers to talk to other consumers.
What is a trend worth watching is whether easy-to-integrate services like Stream’s might signal the proliferation of more social apps over time.
There is already at least one key customer — which I am now allowed to name — that is a steadily growing, still young social app, which has built the core of its service on Stream’s API.
With just a handful of companies — led by Facebook, but also including ByteDance/TikTok, Tencent, Twitter, Snap, Google (via YouTube) and some others depending on the region — holding an outsized grip on social interactions, easier, platform-agnostic access to core communications tools like chat could potentially help more of these, with different takes on “social” business models, find their way into the world.
“Stream’s technology addresses a common problem in product development by offering an easy-to-integrate and scalable messaging solution,” said Dick Costolo of 01 Advisors, and the former Twitter CEO, in a statement. “Beyond that, their team and clear vision set them apart, and we ardently back their mission.”
Updated to correct that the revenue growth is not related to the valuation figure.
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Best ASO Tips To Boost Your App Search In 2022
You need your application to be really effective in the overpopulated application market. Then, at that point, you will have to drive downloads to endure. So when it’s all said and done, you must account for yourself. Get your application the consideration it merits.
The uplifting news, however, is that customers love to download applications – last year, we downloaded in excess of 200 billion applications around the world, and that figure is set to increment to 258 billion every year by 2022 as cell phone reception increments.
Assuming you need to be seen and have your application downloaded by however many clients as could reasonably be expected, then, at that point, you should begin by taking a gander at the application store.
Underneath, we’ve assembled probably the best application store improvement methods to assist you with creating more downloads in 2021 and then some…
Start with Your Application Name
The odds are you as of now have an extraordinary name for your application, yet an appropriately advanced application is about significantly more than marking.
Assuming you need to amplify transparency and guarantee you’re showing up when clients look for applications like yours, you ought to remember the primary keywords for your application name or title, comparable to how you’d make a title label while improving a site page.
You could begin with your application name so it tends to be plainly recognized, thus it appears on the home screen of gadgets.
Then, at that point, you can add a scramble or vertical bar prior to adding a few pertinent watchwords to your speciality, or even put your application name in quotes as we did with FORE Business Golf Networking.
Urge Users to Leave Reviews
You could ask for reviews by clients through the means of your site, or through an in-application notice toward the finish of their meeting, yet make sure to restrict the number of pop-ups you execute with the goal that you don’t disturb or disappoint your clients, as this could urge them to erase your application.
We’d support all application engineers and entrepreneurs to react to criticism on their applications, as this can further develop client relations and resolve issues in an open arena.
Zero in on Your Application Depiction
Your application depiction is your principle assemblage of text your landing page content, in a manner of speaking. Utilize a site like KeywordTool.io to discover information on your picked catchphrases to expand your openness. As portrayals are shortened, ensure you remember the main data for the initial three lines of your depiction, and afterwards add things like social confirmation, emoticon, and suggestions to take action to build commitment and downloads.
Incorporate Appealings Screen Captures
Pictures and recordings won’t help your application rank, yet they will expand changes and assist clients with working out whether it’s an application they truly need.
There’s a little guide in empowering clients toward downloading your application if in any case, they’re not going to interface with it, or download and leave a negative survey when they understand it wasn’t what was promoted.
Assuming you need to ‘tart up’ your item page, then, at that point, you can add marking and extra text and data and designs to your recordings and screen capture, yet they ought not to diminish your item.
Pay for App Store or Play Store
As we have SEO and pay-per-click, you need to work one next to the other (one is a gradual methodology with long haul benefits – the other is a speedy success yet requires an endless spending plan), application store promotions can be utilized to get the message out with regards to your new programming and assist you with positioning at the highest point of query items pages – in front of your opposition and enormous names in the application world.
Keep in mind, you’ll need to focus on the right crowd and art an advertisement that will assist you with changing over and that since you’re paying for situations, that doesn’t mean clients will download or cooperate with your application.
You can employ a group of App Store Optimization Services suppliers to benefit a scope of application store improvement administrations, including watchword advancement, resource enhancement, and restriction to guarantee your application is seen by individuals that matter.
We have long periods of involvement in creating and showcasing applications and have assisted different customers with expanding their downloads by infiltrating rewarding and regularly undiscovered business sectors.
Prachi Gupta likes to write information about Digital Marketing Trends that can help audience to grow their business.
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