Squarespace is reportedly in talks to borrow up to $400 million ahead of a public listing
- Squarespace is reportedly talking to banks about borrowing as much as $400 million as it prepares to go public, according to Bloomberg.
- The website-building platform wants to secure a credit facility before pursuing an IPO in 2021 or later, Bloomberg reported, citing people with knowledge of the matter.
- Squarespace was last valued at $1.7 billion in December 2017, when growth-equity firm General Atlantic plowed in $200 million on top of $40 million it invested in 2014, according to Crunchbase.
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Squarespace is talking to banks about borrowing as much as $400 million as it prepares to go public, according to Bloomberg.
The website-building platform wants to secure a credit facility before pursuing an IPO in 2021 or later, Bloomberg reported, citing people with knowledge of the matter. Squarespace was last valued at $1.7 billion in December 2017, when growth-equity firm General Atlantic plowed in $200 million on top of $40 million it invested in 2014, according to Crunchbase.
Squarespace's financing talks may come as a surprise given it boasts positive cash flow, Bloomberg's sources said, and CEO and founder Anthony Casalena said the company was adequately funded in October.
"There's isn't an immediate need to raise more capital for the business," he told Forbes.
"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," Casalena continued. His team are "just making sure that we [go public] at the right time where we really feel like our business model is going to be valuable."
When that moment arrives, "Hopefully we'll be in charge of a public company, but otherwise, there's no rush to raise capital or anything like that," he added.
Squarespace has been making moves in recent months. It made its first acquisition in April: Acuity Scheduling, which helps businesses to manage their appointments online. Last month it snapped up Unfold, which helps users to create striking content for social media. The deals support its goal of being an "all-in-one platform for anyone who wants to stand out," Casalena said in a press release.
Casalena has been splashing his own cash too. He's spent a total of $42 million on three luxury properties in the Hamptons in the past 18 months, the Wall Street Journal reported.