Black-owned tech company Calendly raises $350m, pushing its value to more than $3bn

Abu Mubarik Feb 1, 2021 at 05:00pm

February 01, 2021 at 05:00 pm | Money Moves

Abu Mubarik

Abu Mubarik

February 01, 2021 at 05:00 pm | Money Moves

Calendly CEO Tope Awotona. Photo credit: shoppe Black

Black-owned cloud scheduling App, Calendly, is now valued at $3 billion after it announced last week that it has closed a $350 million investment led by Boston-based OpenView Venture Partners and included participation from Iconiq Capital.

“It is such an exciting time to be a part of Calendly as we continue to grow and evolve as a culture and a company. We are thankful and proud to share that we have raised $350M and cannot wait to see what lies ahead,” Calendly announced on its Instagram page.

The firm said it will use the investment to fund product innovation and to expand its current team and structure. It is the first fundraising round since receiving its initial investment of $550,000 from Atlanta Ventures.

The app, founded by Tope Awotona, is designed to make the process of finding meeting times easy. Currently, about 10 million people use the platform monthly since it was created in 2013, making it very popular.

The popularity of the app has been attributed to the rising number of people working from home due to the coronavirus pandemic. Calendly is used by the majority of Fortune 500 companies as well as nearly all companies in the SaaS 1000.

“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,” Awotona told reporters, according to Shoppe Black. “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.”

Awotona is now aiming to rake in $1 billion in revenue and to achieve this, he has recruited a chief people officer and chief revenue officer to help with this goal.

Jeff Diana, previously a Calendly advisor, will work on doubling Calendly’s team of more than 200 employees while Patrick Moran, who has 15 years of experience in cloud companies, leads strategy for marketing, sales and partnerships, according to biz journal.

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