Asana hits $1.5bn valuation after raising $50m in Series E round

Facebook co-founder Dustin Moskovitz’s productivity platform is transforming the world of work.

Work management platform for teams Asana has raised $50m in a Series E round that values the company at $1.5bn.

The round was led by Al Gore’s London-based sustainable investment firm Generation, in addition to existing investors 8VC, Benchmark Capital and Founders Fund, and new investors Lead Edge Capital and World Innovation Lab. The most recent funding brings Asana’s total funds raised in 2018 to $125m.

‘We’re more focused than ever on our vision to enable organisations to align their missions with clarity of plan, purpose and responsibility so they can focus on the work that matters most’
^{– DUSTIN MOSKOVITZ}

“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 Colin le Duc, co-founder and partner at Generation Investment Management.

We work, therefore we scale

Asana co-founder Dustin Moskovitz. Image: Asana

Asana intends to leverage the latest funding to continue its growth, focusing on key areas of enterprise scale, global expansion and product innovation. This includes opening a new data centre in Frankfurt in the first half of 2019, expanding its global footprint in Asia-Pacific with new offices in Sydney and Tokyo, as well as accelerating its product roadmap.

“We’re honoured to be joined by an industry-leading group of investors who share our vision for the future of work,” said Dustin Moskovitz, co-founder and CEO, Asana.

The company – part of a new generation of enterprise software players that includes Slack, Dropbox, Trello and Wrike to name a few – previously raised $75m in an investment led by Generation. Facebook co-founder and CEO Mark Zuckerberg is also an investor in Asana.

Asana recently reported passing the 50,000th paying customer milestone, up from 20,000 a year earlier.

It was founded 10 years ago by Facebook co-founder Moskovitz and Justin Rosenstein, creator of the Facebook ‘Like’ button and Google Chat.

More than half of Asana’s growth is in EMEA, where customers include Tesco, Sky News and Vodafone. International growth continues to be a focus with the company hiring more than 100 new employees this year across San Francisco, New York and Dublin.

Asana recently moved the Dublin team into a new office at Three Park Place.

“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 organisations to align their missions with clarity of plan, purpose and responsibility so they can focus on the work that matters most.”