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Business website provider Squarespace files paperwork for an initial public offering
Business website provider Squarespace Inc. today announced that it has submitted a draft registration statement with the U.S. Securities and Exchange Commission for an initial public offering later this year.
According to Reuters, Squarespace did not indicate its preferred choice of going public, meaning that it could pursue a traditional IPO or a direct listing. A traditional IPO may be the more likely of the two options: Bloomberg reporting in December that the company was in talks with banks to underwrite the offering. In a direct listing, underwriters are not required.
Founded in 2003, Squarespace pitches itself as an all-in-one platform for websites, domains, online stores, marketing tools and scheduling. It’s best known as a website hosting company with an easy-to-use back end for setting up websites from scratch.
Squarespace provides a wide spectrum of services for companies and individuals wishing to build an online presence. The company provides the ability to buy a domain name, set up a site using ready-made templates and customize the layout all in one platform. It also offers a selection of tools such as a storefront builder for online retailers.
Squarespace last raised venture capital funding of $200 million on a $1.7 billion valuation in December 2017. It’s likely worth significantly more in 2021, and even back in 2017 it was achieving a rare feat for a tech company yet to go public: It was profitable. With the COVID-19 pandemic and the shift to online working, Squarespace, particularly through its support for online sales, is likely more profitable yet today.
Through its 18 years, Squarespace has made two acquisitions, online appointment tool maker Acuity Scheduling Inc. in April 2019 and social media app Unfold in October 2019. Squarespace has largely played it safe over the years, building its business without the traditional hype surrounded by other tech startups.
Coming into its IPO, Squarespace has raised a total of $278.5 million, according to Crunchbase. Investors include General Atlantic, Accel and Index Ventures.
Image: Squarespace
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