Squarespace raises $200M at a $1.7B valuation: Report

The funding plans to give early employees a way to cash out their shares while Squarespace holds out for an IPO.

Squarespace has raised an additional $200 million in funding from General Atlantic LLC, most of which will go toward buying stock from early employees and other investors, according to Bloomberg.

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Squarespace, a service that allows customers to create websites without touching a line of code, hasn't confirmed the recent funding round. The new shares value the company at $1.7 billion, according to the report, and it intends to give employees -- who don't want to hold on to their shares until an IPO -- a way out.

"If anything, we actually would have been interested in buying more," Anton Levy, managing director and head of internet and technology at General Atlantic, told Bloomberg in an interview. "Even people that were early investors that have made a fabulous return sold a small percentage."

Speaking to Bloomberg, Squarespace CEO Anthony Casalena said that revenue in the past year increased 50 percent to about $300 million. Before an IPO, Casalena suggested Squarespace is focused on helping customers sell products on their websites as e-commerce takes off and expand to international markets like France and Germany.

"It's the most requested feature on the platform right now," Casalena said. "A lot of people are there building a brand. They want to sell something."

The 14-year-old company is said to be profitable. Its main competitor, Wix, a public company, is projected to generate $424 million this year.

The last funding round Squarespace disclosed was $40 million in Series B funding from General Atlantic. An additional $38.5 million in earlier funding also included Index Ventures, Accel, and others.

Squarespace hasn't disclosed a timetable for going public.

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