Today, we’re announcing Clay’s second employee tender offer in nine months, giving our team the chance to sell a portion of their vested equity for liquidity.
Tender offers — let alone repeat tenders at this pace — are extremely rare, but we believe employees shouldn’t have to wait for an IPO or acquisition for their equity to mean something in real life.
This tender is designed to give our team the flexibility to use the value they create every day. Whether it’s buying a home, taking care of family, funding a passion project, or simply getting more breathing room, we want people to have options when life calls for them.
The tender will allow employees to sell up to $55M of Clay shares at a $5B valuation, giving our team liquidity and bringing in new investors as we enter our next phase of growth. It is led by DST Global, with participation from Conviction, Avra, Operator Collective and Frontline, alongside a stellar roster of angels and customers, including Stripe's Claire Hughes Johnson, Figma CMO Sheila Vashee, Superhuman CEO Shishir Mehrotra, and product leader Lenny Rachitsky.
What's changed since the last tender
Clay has grown meaningfully since last spring. Our previous tender, led by Sequoia, happened at a $1.5B valuation. Today, this offer prices Clay at $5B — over 3x higher in under a year. Over the past several months, we’ve strengthened the business across the board:
- Revenue more than 3.5x’d last year and we reached $100M in ARR in December
- We were cash-flow positive for parts of last year and earned more in interest than we burned last year
- Every dollar we invest grows Clay roughly 15x (a ratio that has tripled in recent years and continues to rise!)
- We have 14k customers, with enterprise NRR > 200%
- We have 150 agencies, 90 international clubs, and a 5-star rating stars on Glassdoor. We have also not churned an enterprise customer.
- We raised a $100M Series C last August at a $3.1B valuation
We are excited to offer liquidity to reward the people who made it all possible.
A different way to think about employee equity
For a long time, tender offers were mostly reserved for late-stage companies that stayed private for years. In some recent instances, companies have gotten acquired while those who built the products have walked away with little to nothing in return.
We’re not building Clay that way. We believe that companies hitting their milestones should offer equity as part of people’s journey, not just at the end. And we want all our employees to benefit meaningfully from the value they create.
Some companies worry that offering employees early liquidity leads to churn or weaker incentives, but our experience has been the opposite. When people feel trusted, supported, and happy, they stay longer and build with more conviction.
Read more about it in The New York Times. If you're interested in joining us, we're hiring!
Today, we’re announcing Clay’s second employee tender offer in nine months, giving our team the chance to sell a portion of their vested equity for liquidity.
Tender offers — let alone repeat tenders at this pace — are extremely rare, but we believe employees shouldn’t have to wait for an IPO or acquisition for their equity to mean something in real life.
This tender is designed to give our team the flexibility to use the value they create every day. Whether it’s buying a home, taking care of family, funding a passion project, or simply getting more breathing room, we want people to have options when life calls for them.
The tender will allow employees to sell up to $55M of Clay shares at a $5B valuation, giving our team liquidity and bringing in new investors as we enter our next phase of growth. It is led by DST Global, with participation from Conviction, Avra, Operator Collective and Frontline, alongside a stellar roster of angels and customers, including Stripe's Claire Hughes Johnson, Figma CMO Sheila Vashee, Superhuman CEO Shishir Mehrotra, and product leader Lenny Rachitsky.
What's changed since the last tender
Clay has grown meaningfully since last spring. Our previous tender, led by Sequoia, happened at a $1.5B valuation. Today, this offer prices Clay at $5B — over 3x higher in under a year. Over the past several months, we’ve strengthened the business across the board:
- Revenue more than 3.5x’d last year and we reached $100M in ARR in December
- We were cash-flow positive for parts of last year and earned more in interest than we burned last year
- Every dollar we invest grows Clay roughly 15x (a ratio that has tripled in recent years and continues to rise!)
- We have 14k customers, with enterprise NRR > 200%
- We have 150 agencies, 90 international clubs, and a 5-star rating stars on Glassdoor. We have also not churned an enterprise customer.
- We raised a $100M Series C last August at a $3.1B valuation
We are excited to offer liquidity to reward the people who made it all possible.
A different way to think about employee equity
For a long time, tender offers were mostly reserved for late-stage companies that stayed private for years. In some recent instances, companies have gotten acquired while those who built the products have walked away with little to nothing in return.
We’re not building Clay that way. We believe that companies hitting their milestones should offer equity as part of people’s journey, not just at the end. And we want all our employees to benefit meaningfully from the value they create.
Some companies worry that offering employees early liquidity leads to churn or weaker incentives, but our experience has been the opposite. When people feel trusted, supported, and happy, they stay longer and build with more conviction.
Read more about it in The New York Times. If you're interested in joining us, we're hiring!
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