Monday, 18 December 2017

Squarespace Now worth $1.7 billion After Successfully Fundraising $200 million

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Squarespace worth $1.7 billion After Fundraising $200 million

Having been around for the past 14 years, Squarespace which enables clients to construct their own website in a simplified manner, is carrying out a fundraiser to a tune of about $200 million from none other than  General Atlantic, pushing it further to a $1.7 billion valuation Bloomberg reports. The Aim is to generate Funds, as Stocks to be bought from Early Investors and Employees will serve as a means of payment to those who do not desire to stay on for an IPO.


Owing to the fact that Squarespace raked in a 50 percent  increase in revenue last year to about $300 million, this certainly affirms it to be not just a self sustaining company, but a Money-spinning one at that. Wix, a public company, being a formidable Squarespace competitor is anticipated to generate about $424 million in revenue this year.
Prior to it’s public offering, Squarespace  wants to improve its capabilities in serving customers an improved experience in marketing products through their Websites.
 


 A solid statement by  Squarespace CEO Anthony Casalena “It’s the most requested feature on the platform right now, A lot of people are there building a brand. They want to sell something.”,  attests to the fact that there is ample room for growth in the industry. 



Meanwhile, $78.5 million was earlier raised by Squarespace from General Atlantic, Index Ventures, Accel and others. Squarespace however, opted not to bring to light events of the deal.

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