Asana Reportedly Raised $200 Million By Issuing Convertible Debt Before IPO

By Amit Chowdhry ● June 8, 2020
  • Asana, a work management company founded by Dustin Moskovitz and Justin Rosenstein, has reportedly raised about $200 million by issuing convertible debt ahead of the direct listing later this year

Asana, a work management company founded by Dustin Moskovitz and Justin Rosenstein, has reportedly raised about $200 million by issuing convertible debt ahead of the direct listing later this year says Bloomberg’s sources.

Dustin Moskovitz has a net worth of $14.2 billion according to Forbes, largely due to being a co-founder of Facebook. And that amount is expected to substantially jump when Asana goes public. Moskovitz is believed to be the main lender involved in providing the convertible debt.

Asana is expected to go public through a direct listing during the second half of 2020. However, a final decision was not made on when the listing will happen and the plans could still change.

In February, Asana had confidentially filed for an IPO with the U.S. Securities and Exchange Commission. Direct listings are when a company lists its shares without raising new capital. This form of a listing saves companies on banking fees and it enables existing investors to monetize their shares. Spotify had popularized direct listings and Slack also did a direct listing. Airbnb is considering a direct listing as well.

Since being founded in 2008, Asana has raised over $210 million in funding. The company’s backers also include Mark Zuckerberg, Founders Fund, Benchmark, Andreessen Horowitz, and former U.S. Vice President Al Gore.