Look for Squarespace to use $40 mln round to grow into new areas
Energized by growth capital from General Atlantic,Squarespace has “great things in store,” said founder and CEO Anthony Casalena.
Squarespace has will use its new $40 million investment from General Atlantic to grow beyond just website publishing, founder and CEO Anthony Casalena said.
“We have great things in store from a product perspective as our ambition scales from just creating websites to participating in the ecosystem around creating a website,” Casalena said in an interview Tuesday.
Such as? The things that “happen before you make a website, and after you make a website,” he said. “After you make a website, how do you get exposure? Keep in touch with customers? What are customers doing on the site?”
This is the second big funding Squarespace has received since 2010, when Accel Partners and Index Ventures led a $38.5 million growth investment in the company.
Casalena said Squarespace never had the need to raise traditional venture capital. “We were a stable company before any of the investors were there,” he said. “We got started about 10 years ago, with only about $30,000 from my dad. We’ve operated cash flow break-even. We’ve had lots of discipline.”
As to how Squarespace has changed since its first investment, the story is “growth,” Casalena said. For example, it has grown from about 30 employees in 2010 to about 285 today. “We’ve grown up in all ways – product, marketing, business intelligence, customer care,” he said. “We operate in a much more sophisticated manner.”
Adding General Atlantic as an investor means GA Managing Director Anton Levy will take a seat on the company’s board, but “it doesn’t change the control structures of the company,” Casalena noted.
Asked if Squarespace would raise another round of funding down the road, he said the company has “raised all we needed to raise.” But he left the door open, saying “We’re always reevaluating the situation.”