Total amount raised
$177.7 Millions
Latest funding date
02/01/2024
Location
Quip has successfully raised significant funding through multiple rounds, including a Series B round on October 15, 2015. The company was later acquired by Salesforce for $750 million in a cash and stock deal.
Investors backing Quip include Ruttenberg Gordon Investments and Greylock, among others. Keep reading to explore the intricacies of Quip's fundraising journey and the investors supporting this innovative platform.
What Is Quip?
Quip, founded in 2012 by Bret Taylor and Kevin Gibbs, is headquartered in San Francisco, California. The company operates in the collaboration, enterprise software, mobile, SaaS, and software industries. With an employee count ranging from 101 to 250, Quip has established itself as a significant player in the productivity software market.
Quip's platform integrates documents, spreadsheets, and communication tools to enhance team collaboration and streamline workflows. Designed for modern work environments, it supports seamless interaction across various devices and locations. The platform is particularly beneficial for Salesforce customers, embedding real-time, collaborative documents within Salesforce records to optimize sales processes.
How Much Funding Has Quip Raised?
- Funding Round: Angel Round
- Amount Raised: $550K
- Date: July 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support initial development and launch of the platform.
- Funding Round: Angel Round
- Amount Raised: $855K
- Date: December 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and expand the team.
- Funding Round: Debt Financing
- Amount Raised: $500K
- Date: September 2016
- Lead Investors: Lighter Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide working capital for operational expenses.
- Funding Round: Venture Round
- Amount Raised: Not publicly disclosed
- Date: November 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance product features.
- Funding Round: Series A
- Amount Raised: $10M
- Date: November 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and improve product development.
- Funding Round: Debt Financing
- Amount Raised: $10M
- Date: May 2018
- Lead Investors: Silicon Valley Bank
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing operations and growth initiatives.
- Funding Round: Series A
- Amount Raised: $40M
- Date: November 2018
- Lead Investors: ACME Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and expand the product line.
- Funding Round: Convertible Note
- Amount Raised: Not publicly disclosed
- Date: November 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide flexibility in financing and support strategic initiatives.
- Funding Round: Series B
- Amount Raised: $100M
- Date: August 2021
- Lead Investors: Cowen Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the business and enhance market presence.
- Funding Round: Venture Round
- Amount Raised: $15.5M
- Date: February 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To drive innovation and expand into new markets.
Total Amount Raised: $177.405M. Current Valuation: Not publicly disclosed.
Key Investors
- Cowen Group
- Details: Cowen Group is a diversified financial services firm that provides investment banking, research, sales and trading, and asset management services. The firm is known for its expertise in healthcare, technology, media, and telecommunications sectors.
- Investment Focus Areas: Healthcare, technology, media, telecommunications
- Notable Investments: Not publicly disclosed
- ACME Capital
- Details: ACME Capital is a venture capital firm that invests in early and growth-stage companies. The firm focuses on disruptive technologies and innovative business models.
- Investment Focus Areas: Technology, consumer, enterprise software
- Notable Investments: Not publicly disclosed
- Silicon Valley Bank
- Details: Silicon Valley Bank provides various financial services, including loans, treasury and cash management, and investment banking. The bank primarily serves technology, life sciences, and venture capital clients.
- Investment Focus Areas: Technology, life sciences, venture capital
- Notable Investments: Not publicly disclosed
- Lighter Capital
- Details: Lighter Capital is a fintech company that offers revenue-based financing to early-stage tech companies. The firm provides growth capital without requiring equity dilution.
- Investment Focus Areas: Technology, SaaS, fintech
- Notable Investments: Not publicly disclosed
- Benchmark Capital
- Details: Benchmark Capital is a venture capital firm that invests in early-stage startups. The firm is known for its successful investments in high-growth technology companies.
- Investment Focus Areas: Early-stage venture capital, technology startups
- Notable Investments: Twitter, Uber, Snapchat, Dropbox
What's Next for Quip?
Quip stands at the forefront of the mobile productivity software market, leveraging the significant shift from PCs to mobile devices. With features like online and offline editing, automatic formatting, and real-time push notifications, Quip is well-positioned to capitalize on the growing demand for mobile-first applications and seamless collaboration tools.
As the market for productivity software continues to expand, Quip's potential for growth is substantial. The company has already attracted significant investment, and further funding rounds could be on the horizon if it continues to demonstrate strong user adoption and market traction. However, challenges such as compatibility with established tools like Microsoft Word and Google Docs, and convincing users to switch, remain hurdles that Quip must overcome.
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