Cameo, the celebrity video shoutout app, recently secured a $28 million funding round led by existing investor Valor Equity Partners, signaling a significant downturn in its valuation 💰
Shareholders were informed that this round would value Cameo at less than $100 million, marking a staggering 90% drop from its peak valuation of $1 billion in March 2021
This substantial decrease underscores the challenges faced by Cameo, which experienced a slowdown in its business following a surge in popularity during the pandemic 🚀
Despite its unique concept and the attention garnered by CEO Steven Galanis, Cameo’s recent funding round reflects the evolving landscape and challenges within the celebrity-driven app industry
