Hudl has announced today that it has closed a round of funding for $72.5M. This marks the company’s first major institutional investment. They previously raised a $3 million angel seed round in 2008.
The round was led by Accel and Nelnet, with participation from Jeff Raikes, former president of Microsoft Business and CEO of the Bill & Melinda Gates Foundation.
Accel-backed companies include Atlassian, Braintree, Cloudera, Dropbox, Dropcam, Facebook, Flipkart, Lookout Security, MoPub, Qualtrics, Slack, Spotify, Vox Media and others.
“The funding allows us to continue investing aggressively in our product, pursue acquisitions to offer new tools and enhancements to our users, and further bolster our team,” said David Graff, CEO of Hudl.
Hudl currently touts 1 billion video clips cataloged and over 3.5 million users across 40 countries. It is the world’s most utilized video recording, editing, distribution and analysis tool for coaches, athletes and recruiters.
The announcement follows a series of acquisitions by Hudl this past fall.
Hudl is headquartered in Lincoln, Nebraska.
Update: SPN spoke with David Graff, CEO of Hudl. He said that the investment is “a validation of what we’ve known for a long time. There’s a lot of capital for companies in Nebraska. Nebraska is a great place to start a business.” He said that, while they took a while to get to raising funds institutionally, they received a lot of great advice along the way.
Referring to the first years of Hudl, he remarked that, even though there are a lot more people working there, “it still feels the same. We work with great people on solving tough problems and have a lot of fun doing it.”
Update: After consulting with several leaders in the local investment community, SPN concludes that this is the biggest raise ever by a Nebraska tech company. It is certainly the largest in recent memory.