The easiest explanation: more money will usually go a longer way with hiring. Notion has simply tried to be capital efficient and mindful of dilution, and its numbers can justify SoftBank-sized checks without SoftBank-style dilution now. “You can invest more aggressively in product and engineering, in certain kinds of marketing opportunities, than you could otherwise,” says Vernal. “Sometimes as you move up market with enterprise customers, people pay attention to things like how big the company is, how much you’ve raised in funding.” Another factor: proving you’re not going anywhere. The who: In the courtship to lead Notion’s round, as one of Silicon Valley’s buzzier businesses, Coatue got a leg up through a land and expand approach worthy of the software startups it backs. The firm put a small check in Notion’s 2020 raise led by Index Ventures, then went to work. Since David Schneider joined the firm from ServiceNow, where he was once president, Schneider has met with Kothari twice a month, Kothari says, for coaching. Notion chief resource officer Olivia Nottebohm, a Google and Dropbox veteran, met Kothari and Zhao through Coatue, initially to advise as a go-to market expert. Sequoia, meanwhile, knew Notion through its portfolio company Inkling, where Zhao once worked, and whose former CEO Matt MacInnis had written Notion a small Scout check on Sequoia’s behalf early on. Through MacInnis, Notion met Vernal, an executive at Facebook and angel investor who later joined Sequoia in 2016. Vernal’s close colleague at Facebook: Marooney, the social giant’s former longtime head of communications. The two are neighbors Coatue’s also an investor in startup Rippling, where MacInnis now serves as COO. “This was probably the fastest round to come together in my time at Sequoia, definitely top two or three,” Vernal says. The other notable new investor in the round: Base10 Partners, the firm founded by Adeyemi Ajao. Notion’s general counsel, Hasani Caraway, introduced the startup to Base10. The firm’s values - it’s pledged to donate half of the carried interest from its most recent fund to support scholarships at historically black colleges - helped make Notion want to partner with it, according to Kothari. The lesson: Notion’s executives repeatedly brought up the company’s community as a differentiator its investors turned to the same in justifying such a large investment and valuation. Only more recently has the company appeared an overnight success, meaning it’s reached $300 million-plus investment with less dilution than typical.įor other entrepreneurs, Vernal notes that Notion spent three to four years at seed-stage focused on its product. “If an entrepreneur can build an organic, product-led growth product like this, then they definitely should. All rights reserved.It’s hard,” Vernal says.Īnd at Notion, Kothari says his message for employees after reaching a $10 billion valuation has been to quote his former boss at LinkedIn and mentor, Jeff Weiner. Other trademarks are property of their respective owners. EquityZen and logo are trademarks of EquityZen Inc. By accessing this site and any pages thereof, you agree to be bound by our Terms of Use. Check the background of this firm on FINRA’s BrokerCheck.Į is a website operated by EquityZen Inc. EquityZen Securities is a broker/dealer registered with the Securities Exchange Commission and is a FINRA/ SIPC member firm.Įquity securities are offered through EquityZen Securities. See our Risk Factors for a more detailed explanation of the risks involved by investing through EquityZen’s platform.ĮquityZen Securities LLC (“EquityZen Securities”) is a subsidiary of EquityZen Inc. Investors must be able to afford the loss of their entire investment. Investing in private companies may be considered highly speculative and involves a high degree of risk, including the risk of substantial loss of investment. That’s a 38 boost from last year Team size: Notion’s got somewhere between 100-350 peeps on their team these days. Revenue: Notion’s rakin’ in the dough with an estimated 68.2 million in yearly revenue. Investment opportunities posted on this website are "private placements" of securities that are not publicly traded, are subject to holding period requirements, and are intended for investors who do not need a liquid investment. Valuation: Notion’s worth a whopping 12 billion Some bigwig companies said so.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |