San Diego-based ClickUp, which makes productivity software for businesses including tools for remote work, has raised $100 million in a second round of venture capital funding.
The latest funding, announced Tuesday, comes on the heels of ClickUp corralling $35 million in June. It highlights how San Diego startups continue raising money at what looks like a record pace despite the coronavirus pandemic.
Local startups are expected to pull in well over $1 billion in the fourth quarter based on deals announced so far. That comes on top of $3.4 billion raised during the first three quarters of the year.
For all of 2019, San Diego startups took in a total of $3.5 billion, which was the largest amount of venture capital flowing into the region in the previous five years, according to industry research firm Pitchbook.
Founded in 2017 by Chief Executive Zeb Evans, ClickUp moved from the Bay Area to San Diego about a year ago. The company now has nearly 200 workers — up from 90 in June.
The firm developed a cloud-based platform that brings together myriad workforce collaboration software tools in one digital place for things like development, project management, human resources, business operations and remote work.
The market is hotly competitive, with Asana, Monday.com, Jira and Wrike among the several players in the space. Wrike also has operations in San Diego.
Over the next few years, the business productivity software market is expected to grow 13 percent annually on average to $102 billion by 2027, according to Grand View Research.
ClickUp’s platform is used by 200,000 employee groups, including teams within Google, Uber, Nike and Netflix. Revenue has increased more than 900 percent over the past year, according to the company.
Evans said ClickUp plans to use the additional funding to boost speed and reliability of its software, as well as improve features and customer support.
ClickUp’s software helps with project management, workforce collaboration.
“We’re only about 60 percent finished with our vision for ClickUp,” he said. “In 2021, we plan to fully realize our vision of making the world more productive by adding in even more innovative features, improving existing ones and launching a configuration wizard that makes work even easier and more efficient for everyone and every team in an organization.”
The latest funding round was led by Georgian, which also has invested in Shopify, FreshBooks, Top Hat and others in the past. Craft Ventures, which has backed Slack, Bird, Uber SpaceX and Reddit, also participated.
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