Fundings Friday: Grammarly, AllTrails, and Place
Digital Editing Tool Raises $200 Million
Editing software startup Grammarly raised $200 million in a new round of venture funding. The venture round, which was led by Baillie Gifford and General Catalyst, gives Grammarly a market value of $13 billion. Grammarly is a free digital tool that checks for grammar mistakes in documents. A paid version of Grammarly checks documents for plagiarism and offers additional editing suggestions.
The startup has been gaining customers, with about 30 million people using the tool daily. That has piqued the interest of investors. Grammarly was valued at around $1 billion the last time it raised venture funding in 2019.
Digital Trail Guide Startup Raises $150 Million
AllTrails, a startup that provides digital guides and trail maps, raised $150 million in venture funding in a round led by private equity firm Permira. AllTrails, which saw traffic boom during the pandemic, has more than 300,000 hiking, running, and mountain biking trails on its website in 190 countries on all seven continents.
AllTrails’ strong performance in 2020 has carried over into this year. Proceeds from the fundraising round will be used for product development and to expand internationally.
Real Estate Tech Platform Startup Raises $100 Million
Real estate services platform Place raised $100 million in its first round of fundraising led by Goldman Sachs. Place, which launched last year, is an online platform for real estate agents. Place handles hiring, accounting, advertising, and training for real estate professionals. The platform is experiencing fast growth with revenue expected to be $150 million at the end of 2021—a 100% increase from 2020.
Proceeds from the fundraising round will be used to increase the company’s headcount, expand its technology, and enter the consumer market offering services such as mortgage, title, and insurance.
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