To be more specific, OpenView’s Mackey Craven told TechCrunch that around 80% of its lead deals are into companies with $1 million to $5 million in ARR, with 60% going into companies with between $1 million and $3 million in ARR. That’s a way of saying business-focused software startups that have between $1 million and $10 million in annual recurring revenue, or ARR. Instead, OpenView will continue to focus on what it calls “expansion stage business software,” according to partner John McCullough. The firm’s investment focus, two of its partners told TechCrunch during separate interviews, is not changing with its new capital. The $450 million fund’s future existence has been known since at least November of last year, thanks to an SEC filing. OpenView is based in Boston, but invests globally. The capital pool is its largest to date, coming in at roughly 50% larger than its preceding fund five. Speaking on the new funding inflow, Tope Awotona says that, “while we considered outside investment an unnecessary distraction, we made the decision to partner with OpenView and Iconiq because of their insight and extended network within the tech industry.This morning OpenView Venture Partners announced that it has closed $450 million for its new, sixth fund. Source Re: Nigerian-led Calendly Raises $350M In New Funding Round by rottable( m): 11:00am On Jan 31, 2021 Speaking on the new funding inflow, Tope Awotona says that, “while we considered outside investment an unnecessary distraction, we made the decision to partner with OpenView and Iconiq because of their insight and extended network within the tech industry.” Early investors in Calendly are Greenspring Associates, Atlanta Ventures and IncWell. The earlier funding rounds were actually seed and early stage venture capital rounds, which includes money put into the company by the founder, Awotona himself. What makes Calendly’s case a bit more peculiar is that fact that prior to this new funding, it had only raised about $550,000 over two rounds between 20, as such, the huge funding leap makes it news-worthy. Large funding rounds for tech companies even though not an everyday occurrence, are not strange. The company’s CEO, Tope Awotona says that, “our profitable, unique, product-led growth model has led to Calendly becoming the most used, most integrated, most loved scheduling platforms for individuals and large enterprises alike.” Aside individual clientele, Calendly commands some heavyweight customers like Zoom Video Communications Inc. In the 2020 financial year, the company was able to double its revenue to $70 million, with about 10 million users across the globe. In tandem with the growth trajectory witnessed by other cloud-based services, Calendly has seen rapid growth in its business during the COVID-19 pandemic. The scheduling offers support for buffer times between meetings, secret event types and flexible meeting types and also adjusts for time zones. The Calendly platform integrates with Google, Outlook, Office 365 and iCloud calendar, this way, issues of double bookings are avoided, and it comes with automated task support which can be linked into Salesforce, GoToMeeting, Zapier and other services. Calendly makes it easy for people to indicate their availability on a calendar so that people seeking to have meetings can pick a time slot and create a schedule with the needed details. It offers its services on a freemium model – providing free access, but additional benefits are paid for. The company which was founded in 2013 provides cloud-based scheduling service which aims to simplify how people connect with each other in terms of scheduled meetings. According to the Atlanta Business Journal, the round was raised based on a valuation of $3 billion of the company. The new funding would provide liquidity for early shareholders and employees and also help the company with continued product development.Ĭalendly’s latest funding round was led by OpenView Venture Partners and included Iconiq Capital. Cloud scheduling company, Calendly which is led by Nigerian-born entrepreneur, Tope Awotona has just raised a staggering $350 million in a new funding round, sending the company’s valuation to $3 billion.
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