Ukrainian decacorn Grammarly announced a $200M+ funding round from new investors, including Baillie Gifford and funds and accounts managed by BlackRock, among others. The valuation of the company is estimated at $ 13BLN.
“We believe this funding round is a great validation of our business strength,” Rahul Roy-Chowdhury, Grammarly’s global head of product, told TechCrunch in an interview. “We’ve been cash flow positive from the very early days. The round also validates the strength of our mission to improve lives through improving communication. This funding round comes in the context of product innovation and product scaling.”
- The company’s latest funding round follows Grammarly’s previous one in October 2019, when it raised $90 million at a valuation of over $1 billion. This round was led by General Catalyst, which had also helped lead its only other round, for $110 million in May 2017, with participation from previous investor IVP and other unnamed backers.
- Today, Grammarly works across more than 500,000 applications and websites including email clients, enterprise software, and word processors. The company says as more people are connecting across more online platforms, it’s important to get communication right in order to achieve individual and business goals, which is what it aims to help its users accomplish.
- This week the company company released a new desktop application across two operating systems: Grammarly for Windows and Grammarly for Mac.
- Previously, Grammarly partnerships with Samsung which brings advanced writing assistance to millions of Samsung mobile users worldwide.
- Also the company continues to invest in Grammarly for Developers, enabling developers to incorporate Grammarly’s writing assistance directly into their applications with just a few lines of code.
- In just the past year, the number of Grammarly Business customers with large-dollar contracts increased by more than 250%.
via TechCrunch
