UPDATED 19:43 EDT / JANUARY 26 2021

CLOUD

Cloud scheduling startup Calendly raises $350M on $3B valaution

Cloud scheduling startup Calendly LLC today announced it has raised $350 million in new funding to provide liquidity for early shareholders and employees and continue product development.

The round was led by OpenView Venture Partners and included Iconiq Capital. The round was raised on a valuation of more than $3 billion, according to the Atlanta Business Journal.

Founded in 2013, Calendly offers cloud-based scheduling software designed to take the work out of connecting with others. Offered on a freemium basis — a free tier with payment required for additional services — Calendly’s platform allows users to create simple rules such as availability preferences, share links or embed calendars and allows those seeking a meeting to pick a time using the service.

Calendly integrates with Google, Outlook, Office 365 and iCloud calendar to avoid double bookings along with automated task support linked into Salesforce, GoToMeeting, Zapier and other services. The scheduling offers support for buffer times between meetings, secret event types and flexible meeting types and also adjust for time zones.

Like many cloud-based services that assist in remote working, Calendly has grown rapidly during the COVID-19 pandemic. In 2020 the company doubled its subscription revenue to $70 million, with more than 10 million people using the platform each month. Customers include Zoom Video Communications Inc. and Twilio Inc.

“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,” said company founder and Chief Executive Officer Tope Awotona.

Large rounds into startups are not a rare occurrence these days, but where Calendly arguably stands out is that prior to this new funding it had only raised $550,000 over two rounds in 2014 and 2017. Those were seed and early stage venture capital rounds and included money put into the company by Awotona himself. Previous investors include Greenspring Associates, Atlanta Ventures and IncWell.

“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 added. “While some of the investment will add to our balance sheet, it will also be used to allow our early employees and early investors – who bet on this crazy idea years ago – to have some liquidity.”

Image: Calendly

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