Calendar App Calendly Secures $350 Million in New Funding

By Mariliana Fotopoulou Wednesday, January 27, 2021

The appointment scheduling startup business that runs the Calendly app raised $350 million in the latest funding round, pushing the valuation of the company to more than $3 billion. The raised funds will be used to invest in new products.

A calendar app on a smartphone screen.

Revenue Doubled in 2020

The funding round was led by the expansion stage VC OpenView Venture Partners, including participation from Iconiq Capital.

Calendly startup, which helps users schedule and confirm meeting times, said it plans to use the proceeds to offer liquidity to early shareholders and employees and invest in product innovation. The company appointed two new top executives at the end of last year in a bid to boost its revenue.

The startup company’s revenue doubled in 2020 to $70 million, the business said in the announcement. The business has over 10 million active users on a monthly basis who use the platform to schedule appointments and meetings.

“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 chief executive Tope Awotona.

"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,” he added.

This is Calendly’s first funding round since it received a $550,000 investment from Atlanta Ventures and OpenView to expand the company's operations.

“Calendly has a vision increasingly to be a central part of the meeting life cycle,” said OpenView’s Blake Bartlett.

The appointment-scheduling business was founded in 2013 in the startup incubator Atlanta Tech Village by tech entrepreneur David Cummings. He was the first to invest in the business through Atlanta Ventures, and after five years, the startup recorded a 100% growth rate, including over 30 million people users.

The next goal is to reach $1 billion in revenues for the company, Awotona said. The company appointed chief people officer Jeff Diana and chief revenue officer Patrick Moran in a bid to reach this business goal.

Summary

Meeting scheduling startup Calendly has secured $350 million in a new funding round led by OpenView Venture Partners, reaching a business valuation of over $3 billion, the company said in the announcement. The startup will use the funds to provide liquidity to its early stakeholders and employees as well as invest in product innovation.

About the Author


Headshot for author Mariliana Fotopoulou

Mariliana has an MSC in consumer analytics and business strategy. She has a special interest in fast-moving industries and big data.

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