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Software firm ClickUp valued at $4 bln in new funding round

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Oct 27 (Reuters) - Task management software company ClickUp said on Wednesday it was valued at $4 billion after a $400 million funding round that was co-led by venture capital firm Andreessen Horowitz and technology investment firm Tiger Global Management.

The Series C round, which brings the total amount raised by the San Diego-based company to over $535 million, also drew investments from Lightspeed Venture Partners and Meritech Capital Partners.

ClickUp, founded in 2017, offers an all-in-one productivity platform to its customers which includes features such as project management, document collaboration, and spreadsheets among others.

The company said it intends to use the latest funds to hire more employees and enter new markets.

ClickUp, which counts fast food chain McDonald's Corp MCD.N, pizza chain Papa John's International PZZA.O and streaming platform Netflix Inc NFLX.O among its customers said its revenue tripled in the last year.

Companies offering productive remote working services for their customers have seen a jump during the COVID-19 pandemic as offices closed worldwide.

(Reporting by Niket Nishant and Manya Saini in Bengaluru; Editing by Shailesh Kuber)

((Niket.Nishant@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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