Squarespace Secures $300 Million Funding Round

Squarespace has successfully completed a funding round, raising $300 million. This investment results in a company valuation of $10 billion.

New and Existing Investors

The funding round saw participation from several new investors. These include Dragoneer, Tiger Global, D1 Capital Partners, Fidelity Management & Research Company, and funds managed by T. Rowe Price Associates, Inc., as well as Spruce House.

Existing investors Accel and General Atlantic also contributed to this funding initiative.

Strategic Use of Capital

According to Squarespace founder and CEO Anthony Casalena, the newly acquired capital will be utilized to further the company’s growth strategies. It will also support the expansion and enhancement of its product offerings.

Recent IPO Filing

This funding announcement follows closely on the heels of Squarespace’s confidential filing for a potential public offering. The company is considering both a direct listing and a traditional initial public offering (IPO).

Company History and Growth

Founded in 2003, Squarespace initially operated on a bootstrapped model. The company received its first significant external funding in 2010, a $38.5 million Series A round led by Accel and Index Ventures.

Further investment followed in 2014, with a $40 million round. However, the company is perhaps most recognized for its substantial $200 million secondary round in 2017, financed by General Atlantic.

Significant Valuation Increase

The 2017 funding round established a post-money valuation of $1.7 billion. Consequently, Squarespace has increased its valuation by more than fivefold in just over three years.

Previously, TechCrunch reported that Squarespace operated profitably, with revenues growing by 50% to approximately $300 million in the preceding year. Company executives have not provided additional commentary regarding the latest funding round beyond a statement on their website.

Global Presence

Squarespace, headquartered in New York City, boasts a workforce of over 1,200 employees. These employees are distributed across offices in Dublin, Ireland; Portland, Oregon; and Los Angeles, California.

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