Vimeo has raised $300 million in equity, raising its valuation to some $5.7 billion as it prepares to become independent.

IAC announced in December its plans to spin Vimeo off as an independent, publicly traded company. As a video hosting platform, and YouTube’s prime competitor, Vimeo has experienced significant growth. In fact, the company saw 57% year-over-year revenue growth in December.

As Vimeo prepares to go public, the new funding will provide the capital it needs to continue its growth and innovation.

“As the world embraces video like never before, Vimeo is in an incredibly strong position to help more businesses take advantage of this powerful medium,” said Anjali Sud, CEO, Vimeo. “We have built an industry-leading solution that the market needs, and we intend to move swiftly to bring our professional-quality tools to millions more users.”

“Vimeo is the quintessential IAC success story,” said Joey Levin, CEO, IAC. “With patience, discipline, and ambition, Vimeo has transformed from a tiny seed to a large global enterprise making its mark on the world, and Anjali Sud is an exceptional leader.”