Benzinga | Dec 15, 2020 07:10AM EST

Asana Rival ClickUp Hits $1B Valuation In Latest Funding Round: Bloomberg

California-based software startup Clickup's value has jumped by approximately five times since its previous funding round earlier this year, Bloomberg reports. The workplace productivity software company's valuation touched $1 billion based on the latest $100 million investment.

What Happened Canadian venture capital firm Gregorian Partners was the lead investor in the $100 million funding, with participation from the San Francisco-based venture capital company Craft Ventures, which had invested in ClickUp earlier too.

The software firm, now a Unicorn startup, witnessed a growth spurt this year due to the increased emphasis on remote work. The productivity platform offers office technology-driven solutions for time management, project management, and workflow management.

CEO and Founder of ClickUp, Zeb Evans, anticipates that the company would benefit from tailwinds once the offices would re-open post lockdown and employees would resume work.

Why Does It Matter Bloomberg states that Crafts Ventures co-founder David Sacks was one of the early believers in ClickUp's offering. Sacks believes that ClickUp could outshine its market peers.

Some of ClickUp's key rivals include Asana Inc (NYSE: ASAN) and project management software maker, Wrike.com.

On Dec. 1, cloud-based software company Salesforce.com Inc (NYSE: CRM) acquired work-chat software maker Slack Technologies Inc (NYSE: WORK) at a $27.7 billion valuation.

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