The Black-Owned Scheduling App, Calendly, raises US$350 Million with a current valuation of over US$3 Billion.
Calendly is an Atlanta based black-owned scheduling App that was launched in 2013 by Tope Awotona. Calendly currently has over 10 million monthly users. Tope’s goal was to help bring ease and efficiency to the process of finding and attending meetings on time. In 2020 the scheduling App reported receiving over US$ 70 million with projected future earnings of up to US$ 1 billion.
Calendly has reportedly raised an investment of US$ 350 million from investors such as Iconic Capital and OpenView Venture Partners. This new injection of capital raises the Valuation of Calendly to US$ 3 billion. Tope Awotona’s outlook on how the scheduling App was able to raise this investment is based on Calendly’s unique, profitable, and product-driven growth.
This module has led to Calendly being the most integrated App in the market endearing it to individuals and enterprises as well. Calendly’s founder Tope Awotona noted that for some time he considered outside investment as a distraction and thought it unnecessary. Tope reasons for partnering with OpenView Venture Partners and Iconic Capital as opposed to other investors is the two investors have extended knowledge and network within the tech industry.
The investment will provide the scheduling App with an expansion of product innovation, provide employees, and early shareholders with liquidity. Calendly’s rise in popularity can be attributed to the uptake in remote working that has been driven by the impact of the Covid-19 pandemic.
— Tope Awotona (@TopeAwotona) December 9, 2020
Scheduling apps that make working remotely easier and help people keep up with their online meetings have seen an uptake in investment and increased users. Calendly works through scheduling bookings and meetings across multiple Apps like Microsoft Outlook, Google calendars with the included benefit of being able to make payments for services such as Yoga classes when the scheduled appointment is not a meeting.
Calendly is a premium service App with monthly subscription fees ranging from US $8 for the premium package and US$ 12 for the pro package. These packages are marketed for individuals with bigger packages targeted towards enterprises.
Calendly’s growth over the last 12 months has been monumental due to the Covid-19 pandemic. The pandemic has limited people’s movement with many people spending the majority of their time working and schooling at home. Calendly’s versatility has also made it a popular scheduling App with people.
Working remotely may have reduced the number of in-person meetings due to the spread of the Coronavirus but this has led to an increase in online meetings. With many meetings happening online from teacher-student conferences, Therapist sessions, and work based meetings the demand for scheduling Apps has increased. Scheduling Apps such as Calendly may have seen a boom in interest during the Covid-19 Pandemic but we can predict that they are here to stay for the long run.