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Online workspace startup Notion raises $50M on $2B valuation
Online workspace startup Notion Labs Inc. said today it has raised $50 million in new funding on a $2 billion valuation in a round led by Index Ventures, giving it a $2 billion valuation.
Founded in 2016, Notion offers an all-in-one workspace that includes support for notes, tasks, wikis and databases. Pitched as blending everyday work apps into one, the service is designed for task and project management.
In the middle of the global COVID-19 pandemic, Notion’s support for remote workers helped seal the round, according to a report today in The New York Times. The company is said to have seen record levels of new customer sign-ups in the last few weeks as much of the world is forced to work from home.
The new funding, let alone the valuation, is remarkable even given the coronavirus pandemic. Before this round, Notion had only raised $10 million. According to Product Hunt, the company’s last round, which was described as an “angel round,” was on a valuation of $800 million.
COVID-19 was the motivation behind the new funding. The Times reports that the fundraising “was completed in 36 hours last week after the virus pushed Ivan Zhao, Notion’s founder and chief executive and Akshay Kothari, Notion’s chief operating officer, to rethink their previous position of not relying too much on venture capital.” The new money was described by Kothari as a “signal of stability” in these dark times.
Remote working has exploded in 2020 alongside COVID-19. Companies across the board that provide remote working tools have seen large boost in numbers. Microsoft Corp.’s Teams service picked up 12 million new users in a week, while rival Slack Inc. has also seen a big rise in user numbers as well.
Not every tech company will thrive during the global pandemic, but some are better placed than others, and it seems Notion is one of them.
Including the new funding, Notion has raised $60 million to date. Previous investors include Sequoia Capital, A.Capital Ventures and a number of individual investors, including Elad Gil, a previous vice president at Twitter Inc.
Image: Notion
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