Squarespace Raises $300M at $10B Valuation Led by Azevedo
Squarespace, the popular website building and hosting platform, has raised $300 million in a funding round led by Dragoneer Investment Group and Tiger Global Management, with participation from D1 Capital Partners, Fidelity Management & Research Company, and Spruce House. The funding round values Squarespace at $10 billion, making it one of the most valuable privately held companies in the world.
Squarespace was founded in 2003 by Anthony Casalena, who started the company as a way to build his own personal website. Since then, Squarespace has grown into a platform that allows anyone to create a professional-looking website without any coding knowledge. The company has over 2 million customers worldwide and has helped build websites for businesses, artists, and individuals.
The Growth of Squarespace
Squarespace has experienced significant growth in recent years, with revenue increasing by 28% in 2020 to $621 million. The company has also expanded its offerings beyond website building to include e-commerce tools, email marketing, and analytics. Squarespace’s success can be attributed to its user-friendly platform, which allows users to create a website quickly and easily.
The Importance of Website Building Platforms
Website building platforms like Squarespace have become increasingly important in today’s digital age. With more businesses and individuals looking to establish an online presence, website building platforms provide an accessible way to create a professional-looking website without the need for extensive coding knowledge. These platforms also offer a range of tools and features that make it easier for businesses to manage their online presence.
The Future of Squarespace
With the new funding, Squarespace plans to invest in product development and expand its offerings further. The company is also looking to expand its international presence, with plans to open offices in Ireland and Australia. Squarespace’s CEO, Anthony Casalena, stated that the company’s goal is to “empower anyone with a creative idea to succeed online.”
The Competition
Squarespace faces competition from other website building platforms such as Wix and Shopify. While Squarespace has focused on providing a user-friendly platform for creating websites, Shopify has focused on e-commerce tools, and Wix has focused on providing a range of website building tools for businesses of all sizes. However, Squarespace’s focus on design and user experience has helped it stand out in a crowded market.
Conclusion
Squarespace’s latest funding round is a testament to the company’s success in providing a user-friendly platform for website building. With plans to expand its offerings and international presence, Squarespace is well-positioned to continue its growth in the coming years. As more businesses and individuals look to establish an online presence, website building platforms like Squarespace will become increasingly important in helping them achieve their goals.
