Notion Labs Inc. today disclosed that its valuation has jumped to $10 billion from $2 billion last April thanks to a new $275 million funding round led by Sequoia Capital and Coatue.

The significant increase in the startup’s valuation is a reflection of its rapid business growth. San Francisco-based Notion, which operates a popular cloud-based productivity platform of the same name, says that its user base has expanded by 500% since its last funding round. Moreover, the enterprise edition of Notion’s productivity platform is growing at a rate of 350% year-over-year, though the startup didn’t share absolute numbers.

Notion’s platform is a knowledge management tool for teams. The platform allows teams to create a centralized catalog of the documents and other materials that staffers draw on as part of their day-to-day work. The different items are accessible through a sidebar in the Notion interface that functions as an index, providing shortcuts that allow users to access the information they need quickly.

One of the platform’s key features is that it’s highly customizable. To explain the next quarter’s in-store advertising plan, marketers can author a strategy document in Notion similarly to how they would create a Word file. For teams wishing to manage to-do items related to a new business initiative, Notion provides the ability to create checklists. The startup also has capabilities that are useful for engineering groups: Developers can organize application feature requests in a virtual board.

Notion allows teams to mix and match the supported document formats. The centralized catalog in which Notion organizes a team’s files allows employees to access everything via a single sidebar. According to the startup, its platform performs tasks that normally require several different productivity tools and can simplify users’ work by centralizing multiple types of files in one cloud-based environment.

Notion’s approach to organizing business information has proven quite popular. The startup says its platform is used by thousands of organizations, including major tech firms such as IBM Corp. and Samsung Electronics Co. Ltd. 

Notion targets the enterprise market with a paid version of its platform that includes capabilities aimed specifically at large organizations. The enterprise edition makes it possible to set up cybersecurity controls and includes a feature that automates some of the manual work involved in creating user accounts for employees.

The newly announced $275 million funding round indicates that Notion’s investors believe it has significant growth opportunities ahead. Using the new capital, the startup will work to further expand its installed base. Notion said that it also plans to invest in initiatives related to customer experience and success.

Notion has raised more than $300 million in funding to date. 

Image: Notion