Calendly, an Atlanta-based cloud scheduling platform, raised a $350 million investment, which now values the company at more than $3 billion, according to a Jan. 26 announcement.
OpenView Venture Partners, a Boston-based expansion stage firm and existing investor, led the round with participation from San Fransisco-based Iconiq Capital.
The investment will be used to provide liquidity for early shareholders and employees as well as continue product innovation, according to the announcement. The software startup also added two new senior executives at the end of 2020 to grow its employees and revenue.
In 2020, Calendly doubled its subscription revenue to $70 million, according to the announcement. More than 10 million people use the platform each month to streamline the way they schedule meetings, including teams at companies such as Zoom and Twilio.
“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 CEO Tope Awotona, who was named an Atlanta Business Chronicle 40 Under 40 honoree.
"While we considered outside investment an unnecessary distraction, we made the decision to partner with OpenView and Iconiq because of their insight and extended network within the tech industry,” Awotona continued in the announcement.
This fundraising round is Calendly’s first since receiving $550,000 from local firm Atlanta Ventures and OpenView, according to a Calendly spokesperson.
Awotona founded Calendly in 2013 at the Atlanta Tech Village, a startup incubator started by serial software entrepreneur David Cummings.
Cummings provided Calendly with its first investment through Atlanta Ventures, which is also based in the Village. In about five years after its launch, Calendly was seeing a 100% growth rate with more than 30 million people using the software.
Now, Awotona has his sights set on $1 billion in revenue, he said in the announcement.
Calendly added a chief people officer and chief revenue officer to help with this goal.
Jeff Diana, previously a Calendly advisor, now serves as CPO, which is the same title he held at software companies Success Factors and Atlassian (NASAQ: TEAM). He will work on doubling Calendly’s team of more than 200 employees.
Patrick Moran serves as CRO and leads strategy for marketing, sales and partnerships. He has 15 years of experience in cloud companies, including at Quip, which was acquired by Salesforce (NYSE: CRM).