HeyGen is a pioneering AI video generation platform that has achieved remarkable growth since its founding in December 2020. The company has experienced explosive revenue growth, jumping from $1 million ARR in March 2023 to $10 million by October 2023, and surpassing $35 million ARR in just over a year  . This represents a dramatic increase from $5.4 million in revenue in 2022 to $35 million in 2024, while achieving profitability by Q2 2023 .

HeyGen's success has attracted significant investor attention, culminating in a landmark $60 million Series A funding round in June 2024 led by Benchmark, with participation from Thrive Capital and other top-tier investors  . This funding valued the company at over $500 million, cementing its position as a leader in the AI video generation space . The platform has also demonstrated strong user adoption, with its user base growing from 16.4 million users in November 2023 to 19.26 million in 2024, representing a 17% increase that reflects the growing demand for AI-powered video creation tools .

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Chang from Hockey Stick was instrumental in helping us navigate the early stages of HeyGen. She didn't just provide strategic guidance-she rolled up her sleeves and worked alongside us to experiment with different product directions and go-to-market approaches. Her support accelerated our path to product-market fit and product channel fit in ways we couldn't have achieved alone.

Josh Xu

Co-Founder & CEO, HeyGen

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