Squarespace Raises $300 Million; Eyes $10 Billion Valuation

Website builder Squarespace has announced a $300 million funding round at an enterprise valuation of $10 billion, according to a press release.

With the proceeds, the company plans to keep growing, the release stated. Its mission is to “enable anyone to build a brand and transact with their customers in an impactful and beautiful online presence.”

The round includes “new investors Dragoneer, Tiger Global, D1 Capital Partners, Fidelity Management & Research Company, funds and accounts advised by T. Rowe Price Associates, Inc. and Spruce House with participation from existing investors Accel and General Atlantic,” according to the release.

“We’re thrilled to welcome our new investors as we continue scaling our product suite in service of our customers around the world,” said Squarespace Founder and CEO Anthony Casalena in the release.

Squarespace is also moving forward with an initial public offering (IPO), PYMNTS reported in January. The company was reported in 2019 to be seeking a $400 million credit line, a signal that a company is moving toward going public. Squarespace had wanted to get that money before 2021 when the IPO was slated to happen.

The company is currently cash-flow positive, which is a good sign for its chances. Squarespace’s competition includes other platforms like Wix and GoDaddy.

Squarespace had previously been valued at $1.7 billion in December 2017 after an investment from General Atlantic for $200 million.

The company bought Acuity Scheduling two years ago, and that purchase helped it aid small businesses in their management of appointments. In addition, Squarespace also purchased the Unfold app, which lets users create stories throughout social media platforms.

In September, GoDaddy rolled out an eCommerce feature for customers to sell items via social media platforms like Facebook and Instagram.

“Our goal is to help entrepreneurs grow online, so it’s critical for them to sell where they will get the most engagement,” GoDaddy Vice President of Products Greg Goldfarb said at the time.