Clockwise Closes $18 Million Led by Bain Capital Ventures

By Dan Anderson ● Jun 19, 2020
  • Smart calendar assistant company Clockwise announced it has raised $18 million in Series B

Smart calendar assistant company Clockwise — which was co-founded by Matt Martin, Mike Grinolds, and Gary Lerhaupt in 2016 — announced it has raised $18 million in a Series B round of funding led by Bain Capital Ventures. Ajay Agarwal at Bain Capital Ventures joins the board of directors along with existing investors: Steve Loughlin at Accel and John Lilly at Greylock Partners — who also participated in this round.

This Series B funding round brings the total funding raised to $31.6 million. And it is building on the company’s momentum, including 87% growth in signups since the beginning of 2020. This round of funding will be used to grow the Clockwise team and continue innovating in the workplace calendar space.

“Clockwise started with a simple mission to help workers make time for what matters. We delivered on that mission with our intelligent calendar software that allows workers to take back control of their day,” said Clockwise Co-Founder and CEO Matt Martin. “This new funding enables us to accelerate our growth and build the future of calendar today.”

Known as the first company to introduce the concept of flexible meeting times into the workplace, Clockwise has helped popularize and democratize the concept of Focus Time. Since launching in 2019, Clockwise has optimized more than 200,000 calendars for workers at companies such as Slack, Asana, and Spotify.

Clockwise is changing the way teams spend their time, taking the busywork out of scheduling, and using AI to create more productive time during the work day. And it turns fragmented time, 15 minutes here and 30 minutes there, into longer blocks of time which allows workers to get meaningful work done.

“In a business world increasingly reliant on the productivity of information workers, Clockwise delivers significant time savings to individuals, teams, functions, and organizations,” explained Ajay Agarwal at Bain Capital Ventures. “Over the past several months, Clockwise has seen material acceleration in their user growth as remote workers search for smart technology to streamline meetings and create necessary space in their days, and employers simultaneously address the urgent need to analyze time spent. We are thrilled to partner with Matt and the Clockwise team as they continue to expand on calendar automation and reimagine workplace productivity.”

Since the increase in remote work, Clockwise has seen a 29% increase in the time spent in team sync meetings, likely due to managers trying to replicate in-office collaboration remotely. And to address this growing problem, the company today is also announcing the launch of Clockwise for Teams, a time management toolkit for remote workers.

Clockwise for Teams enables effortless communication and collaboration between teammates for making working together frictionless.

“The last few months have challenged workers, more than ever, to find the time to actually get work done during increasingly hectic days,” Martin noted. “The launch of Teams caps over a year of tremendous progress and the beginning of an exciting new phase of product development at Clockwise.”

The Clockwise for Teams features includes Team Availability Calendar (eliminates the chance of being surprised by an out of office teammate and the team availability calendar updates in real-time with no manual work so it is always up-to-date), Team Time Analytics (allows teams to see at a glance how much Focus Time and meeting time everyone on their team has), and Automatically Protected No-Meeting Day (maximizes focus time by automatically creating and protecting a meeting-free day).

With this innovative product and user growth momentum as well as the new funding, Clockwise will also broaden availability across a greater variety of platforms, currently only available to G-Suite users on desktop. And expansion will allow workers to experience the magic of Clockwise wherever they work, whether on Office 365 or their phone.