- Website template platform company Squarespace is reportedly planning to borrow a $400 million credit facility before going public.
Website template platform company Squarespace might borrow a $400 million credit facility before going public, according to Bloomberg’s sources. Squarespace is reportedly planning to go public in 2021 or later.
The last time that Squarespace raised funding was in December 2017. That funding round was $200 million at a $1.7 billion valuation.
Squarespace is currently seeing a positive cash flow. And Squarespace founder and CEO Anthony Casalena pointed out that the company also had plenty of funding in the bank.
“We’re at a size where we could be public, with about half a billion in revenue this year, a little bit over 1,000 employees and profitable these days,” said Squarespace founder and CEO Anthony Casalena at a Forbes event. “For us, because there isn’t an immediate need to raise more capital for the business . . . just making sure that we do that at the right time where we really feel like our business model is going to be valuable. And we’ve got some control over our growth rate and profit margin.”
Earlier this year, Squarespace acquired Acuity Scheduling. Acuity Scheduling is known for helping businesses manage appointments.
And Squarespace also bought Unfold last month. Unfold enables users to create compelling social media content.
It is a fairly common practice to take a credit facility before going public. Usually, companies offer banks that award them credit facilities with lead positions for underwriting IPOs.