Notion hits $2 billion valuation in new raise

Notion, a startup that operates a workplace productivity platform, has raised $50 million from Index Ventures and other investors at a $2 billion valuation, the company told The New York Times.

A Notion spokesperson confirmed the raise and valuation to TechCrunch.

As startups across the board begin looking at layoffs or raising at less than favorable terms, Notion had been in the unusual position of turning away interested investors for years. With this raise, the firm has amassed $67 million in total funding, the company says. Their last raise of $10M valued them at $800 million.

The company’s highly customizable note-taking app allows enterprise customers to create linked networks of databases and documents.

In November, COO Akshay Kothari told TechCrunch that the company was hoping not to raise outside funding again, “So far one of the things we’ve found is that we haven’t really been constrained by money. We’ve had opportunities to raise a lot more, but we’ve never felt like if we had more money we could grow faster.”

What’s changed? Just the global economy. The firm told the Times that this new raise should put them in a more stable position and leave them with enough funding for “at least” 10 years. That said, the startup’s team has expanded rapidly in recent months, growing 40% since November. Their user numbers appear to also be growing rapidly, with Kothari telling the Times that total users have “nearly quadrupled” from one million, a figure the company released in early 2019.

Notion offers free and paid accounts, ranging from $5 to $25 billed monthly.