Squarespace Raises $200 Million
You are here

Squarespace Raises $200 Million

Squarespace raises 200 million

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.

Anirudh Menon
Anirudh Menon
I have adorned multiple hats during my professional journey. My experience of 14 years comes in areas like Sales, Customer Service and Marketing. My journey as a professional writer started 5 years back, when I started writing for an in-house magazine for my employer. Having successfully delivered many in-house projects, it encouraged me to take my skill to the world. As on day, I have written articles, blogs website content for various industries like Information Technology, Start-up, Retail and Government. The subjects that I have covered range from Digital Marketing, SAP Cloud Platform, Cloud Computing, Content Marketing , Politics. Enhancement is a process and I constantly thrive to add more subjects in my portfolio. Over and above content writing, I also train language and communication to students who want to brush up their speaking skills. I am a part time trainer for IELTS coaching and also work as a budding voice over artist.

    Leave a Reply

    Top
    Want to stay up-to-date with news and information from TechFunnel.com?

    Subscribe Now