Productivity platform provider ClickUp valued at $4 billion after raising $400M round –
Productivity platform ClickUp today announced it has raised a $400 million funding round led by blue-chip investors that hikes the company’s valuation to $4 billion.
ClickUp, the trade name for Mango Technologies Inc., said it’s the largest Series C funding round to date in the workplace productivity market and comes less than a year after it took in $100 million on a valuation of $1 billion.
The company claims its platform can replace a polyglot mixture of point workflow, collaboration and personal productivity applications such as task managers, email clients, chat agents, time trackers and resource managers. It says it duplicates the functionality of everything from basic Excel Worksheets to sophisticated project tracking software such as Atlassian Corp. PLC’s Jira. It also imports from many of those platforms and connects to more than 1,000 popular workplace applications.
Some 90% of its customers use at least three of the dozen included productivity tools, the company says. The platform also includes more than 100 functions that can be toggled on and off.
ClickUp said it will use the new investments, which bring its total funding to over $535 million, to expand its platform and build regional headquarter in the European and Asia Pacific regions, which already account for 40% of its business.
The company says it’s on a roll, having tripled its revenue off an undisclosed base and quadrupled as user base to 800,000 teams over the past year on top of 900% revenue growth during the first nine months of COVID-19. ClickUp says it has more than 85,000 paying businesses as customers.
In a post on the company’s blog, founder and Chief Executive Zeb Evans (pictured) said the company plans to continue its cadence of delivering updates weekly and investing in performance across the board. “We’ll never stop until it’s perfect, which means we simply will never stop,” he wrote.
The funding round was co-led by Andreessen Horowitz LLC and Tiger Global Management LLC, with participation from Lightspeed Venture Partners and late-stage private equity firm Meritech Capital Partners LP.