ClickUp's valuation has quadrupled since its Series B round in December 2020. Here are the top-line bullets you need to know.
ClickUp, a workplace productivity solution, has raised $400M in a Series C. The round drew participation from Tiger Global Management, Andreessen Horowitz, Lightspeed Venture Partners, and Meritech Capital Partners.
HOW’S THE COMPANY PERFORMING?
- San Diego-based ClickUp offers document collaboration and project management services to companies via its platform.
- The company’s revenue has tripled over the past year.
- The platform is currently being used by over 800,000 companies globally.
- It sees 4M users across its paid and free versions, 85K of which are paying clients. Its major enterprise clients include Google, McDonald’s, Booking.com, and Netflix, among others.
- 40% of ClickUp’s business is outside of the US.
- The company’s headcount has risen from 50 in June 2020 to about 700 at present.
Source: ClickUp
WHY DOES THE MARKET MATTER?
- The global productivity management software market is expected to grow at a CAGR of 14.2% and reach a value of $119.7B by 2028, according to Grand View Research.
- The rise of AI and ML technologies and the growing adoption of cloud computing have contributed to market growth.
- Additionally, the demand for solutions to manage tasks and workflows has risen amid the Covid-induced shift to distributed/remote workforce models.
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