Squarespace, a company that provides service to customers to create websites without using any source code, has raised an additional $200 million in funding from General Atlantic LLC. The majority of these funds will go towards buying stocks from previous employees and other investors.
However, Squarespace has not yet confirmed the funding round. The value of the company, courtesy of the new shares, is now $1.7 billion, and will provide its employees a way to sell their shares until the IPO.
Speaking on this occasion, Managing Director and Head of Internet & Technology at General Atlantic, Anton Levy, said, “If anything, we actually would have been interested in buying more. Even people that were early investors that have made a fabulous return sold a small percentage.”
Squarespace CEO, Anthony Casalena, said that there has been a 50% increase in the revenue, which stands at $300 million. Casalena also indicated that prior to the IPO, the company is focused on helping customers sell products on their websites and subsequently expand to markets like France and Germany. Casalena said, “It is the most requested feature on the platform right now. A lot of people are building a brand. They want to sell something.”
Squarespace is a 14-year-old company, and its nearest competitor is Wix, a public company with a forecasted revenue of $424 million in the current year.
The previous round of funding saw Squarespace raise $40 million in Series B funding from General Atlantic. Prior to that, they have raised another $38.5 million through Index Ventures, Accel, and others. However, Squarespace has not revealed the schedule for going public.