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After nabbing $40M, New York's Squarespace plans Portland foray
The website publishing and commerce company Squarespace Inc. has taken a $40 million investment from Connecticut-based growth equity firm General Atlantic, the company announced Thursday.
As such, it is looking to expand westward. Squarespace wants to open a Portland office later this year.
The proceeds will go toward beefing up the SoHo company's engineering, design and infrastructure teams, as well as sales and marketing heft to "accelerate global expansion."
"The partnership with General Atlantic signals the scaling of our ambition," said Squarespace founder and CEO Anthony Casalena. "We will improve the overall Squarespace experience, make it available to more people around the world, and demonstrate a commitment to products that go beyond websites and online stores."
Under the deal, Anton Levy, managing director and head of internet and global technology at General Atlantic, will join Squarespace's board of directors.
Since the company launched its Squarespace 6 product in 2012, a release claims, it's become the "go-to service for small businesses and individuals to build their own personal and business websites." They say they have hundreds of thousands of customers in 121 companies; the cheapest version of its product costs $8 per month. The software allows non-technical users to build and maintain websites without using code.
They have 285 employees in New York and Dublin, and are planning a Portland office later this year.
Squarespace is notable for its long history, for a tech startup, and slow path toward outside funding. Caselana founded the company in 2003 with an investment from his father and didn't take on outside funding until 2010. Then, Index Ventures and Accel Partners led a $38.5 million Series A round.