Dustin Moskovitz’s Asana bags $50m to fuel growth
Asana, the work management platform led by Facebook co-founder Dustin Moskovitz, has completed its $50 million Series E equity round at a valuation of $1.5 billion.
The round was led by Generation Investment Management, with existing investors 8VC, Benchmark Capital and Founders Fund and new investors Lead Edge Capital and World Innovation Lab.
The most recent funding brings San Francisco-headquartered Asana’s total funds raised in 2018 to $125 million.
The company makes web and mobile applications that allows teams to manage their work and projects online.
“We’re honoured to be joined by an industry-leading group of investors who share our vision for the future of work,” said Moskovitz.
“As the work management imperative becomes increasingly global, we’re focused on supporting our expanding international team and customer base to meet the growing demand to democratise project management and improve team coordination.
“We’re more focused than ever on our vision to enable organizations to align their missions with clarity of plan, purpose and responsibility so they can focus on the work that matters most.”
Asana intends to leverage the latest funding to continue its growth, focusing on key areas of enterprise scale, global expansion and product innovation.
Efforts will focus on expanding Asana’s global infrastructure capabilities with the opening of an EU data centre to meet the needs of its growing European customer base. The planned Frankfurt-based DC is slated for opening in the first half of 2019.
There are also key plans afoot for the expansion of the company’s global footprint in Asia Pacific, starting with a strategic presence in both Sydney and Tokyo —two leading centres of technology and future of work innovation.
The team will also look to accelerate the delivery of the product roadmap with a focus on helping leaders plan, manage and monitor their company’s most important initiatives.
“We see collaborative work management as a distinct and rapidly expanding segment, and Asana has the right product and team to lead the market,” said Generation co-founder and partner, and Asana board member, Colin le Duc.