Calendly, a world-renowned cloud scheduling app whose usefulness only increased in the wake of the COVID-19 pandemic, has crossed into unicorn territory.
According to The Atlanta Business Journal, the app — which was founded by Tope Awotona — just raised $350 million in this latest round of funding. OpenView Venture Partners led the round with assistance from San Francisco-based Iconiq Capital.
Calendly, itself, is a company that’s one of the fastest-growing in the field. In 2020, the company reportedly doubled its subscription revenue to $70 million, and as of this writing, more than 10 million people use the app each month to help schedule their meetings. What’s more, the app can also be streamlined with other apps, such as Zoom, which makes it desirable for busy professionals.
“Our profitable, unique, product-led growth model has led to Calendly becoming the most used, most integrated, most loved scheduling platforms for individuals and large enterprises alike,” said Awotona.
However, most impressively, this latest round of funding has put Calendly into what’s known as “unicorn” territory.
In venture capitalism, a “unicorn” company is one that is a privately-owned (not publicly traded) start-up with a valuation of $1 billion or more. Notable American unicorns include SpaceX, JUUL Labs, Epic Games, and Instacart.
Now, thanks to this latest round of funding, Calendly can be added to that growing list of unicorn companies, as the raise has helped the company surpass its $3 billion valuation.
According to the announcement, the company will use the funding to not only further expand the team, but to “provide liquidity for early shareholders” (since, it seems, the intent is to take the company public) and to “continue product innovation.”