Calendly, a cloud-based scheduling platform, has secured $350 million in funding. The investors were OpenView Venture Partners and Iconiq Capital.
Atlanta, GA — January 26, 2021 — Calendly, the leading cloud-based scheduling platform, today announced a $350 million investment from OpenView Venture Partners, with Iconiq Capital also participating. The investment values the company at over $3 billion. 2020 was an explosive year of profitable growth for Calendly, surpassing $70 million in recurring subscription revenue. The investment will be used to make bigger bets on product innovation to serve everyone from large enterprise customers to individual users, as well as provide liquidity to early shareholders and employees. Calendly has also added two new senior executives.
“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. 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. While some of the investment will add to our balance sheet, it will also be used to allow our early employees and early investors – who bet on this crazy idea years ago – to have some liquidity,” said Tope Awotona, CEO and Founder of Calendly. “We are grateful to have the OpenView and Iconiq teams as advisors in our journey to $1 billion in revenue.”
Calendly remains one of the most capital-efficient SaaS companies with over 10 million people on the platform each month and over $70 million in subscription revenue. Recruiting, marketing and sales teams within companies like Twilio, Zoom, and the University of California, San Francisco depend on Calendly to streamline their scheduling workflows. These leading companies joined millions of teachers, contractors, entrepreneurs, and freelancers who used Calendly to schedule hundreds of millions of meetings in 2020.
OpenView, an early investor, coined the term ‘Product-Led Growth’ in 2016 and has expertise in evaluating viral business models like Calendly. “No one likes scheduling meetings. Calendly solves this universal problem that billions of people encounter everyday: the frustrating back and forth emails it takes to schedule a meeting. Tope and team have built an elegant solution that simultaneously delights the scheduler of a meeting and the invitee equally, a powerful combination that fuels the growth of the company. We see a path to hundreds of millions of users on the Calendly platform,” said Blake Bartlett, Partner at OpenView.
New investor Iconiq Capital is known for investing in high growth companies like DataDog, Fastly, Snowflake, Intercom and People.ai. Iconiq has over $43 billion in capital under management, and are growth stage investors in technology. Iconiq’s funding comes from successful founders, CEOs and tech leaders including the Zuckerberg family, Reid Hoffman, and Jack Dorsey.
Concurrently with this funding round, Calendly added two senior executives to its roster to lead the 200+ person company through the next phase of growth. Jeff Diana joined as the Chief People Officer to help double the company’s employee base. Previously, Jeff held the same title at both Success Factors and Atlassian. Jeff is San Francisco based and was an advisor to Calendly’s CEO for three years prior to joining in the fourth quarter of 2020. The company also hired its first Chief Revenue Officer, Patrick Moran. He is responsible for leading the strategy for marketing, sales and partnerships. Patrick is a San Francisco-based cloud business expert with 15 years experience, most recently at Salesforce as go-to-market leader of Quip. He was the original CMO of New Relic where he built the sales and marketing model and helped lead the company through an IPO in 2014.
Founded in 2013 by Tope Awotona, Calendly has become the leading global cloud-based scheduling platform, powerful and secure enough for the Fortune 500, while remaining easy to use for millions of users daily across the globe. Calendly helps you schedule meetings without the hassle of back-and-forth emails. Calendly has solutions for sales, marketing, recruiting and educational use cases. To learn more, visit Calendly.com.