Squarespace raises $200M at a $1.7B valuation: Report

Squarespace has raised a further $200 million in funding from General Atlantic LLC, most of which is able to go toward shopping for stock from early workers and alternative investors, in line with Bloomberg.

Squarespace, a service that enables customers to make websites while not touching a line of code, hasn't confirmed the recent funding spherical. The new shares price the corporate at $1.7 billion, in line with the report, ANd it intends to grant workers -- World Health Organization don't need to carry on to their shares till an initial public offering -- some way out.

"If something, we tend to truly would are curious about shopping for a lot of," Anton Levy, decision maker and head of web and technology at General Atlantic, told Bloomberg in AN interview. "Even those that were early investors that have created a wonderful come back sold-out alittle share."

Speaking to Bloomberg, Squarespace business executive Anthony Casalena aforesaid that revenue within the past year exaggerated fifty % to concerning $300 million. Before AN initial public offering, Casalena advised Squarespace is targeted on serving to customers sell merchandise on their websites as e-commerce flies and expand to international markets like France and Germany.

"It's the foremost requested feature on the platform right away," Casalena aforesaid. "A ton of individuals ar there building a complete. they require to sell one thing."

The 14-year-old company is alleged to be profitable. Its main contestant, Wix, a public company, is projected to come up with $424 million this year.

The last funding spherical Squarespace disclosed was $40 million nonparallel B funding from General Atlantic. a further $38.5 million in earlier funding conjointly enclosed Index Ventures, Accel, and others.

Squarespace hasn't disclosed a timetable for going public.