Squarespace

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Squarespace, Inc.
Squarespace Logo.svg
Type of businessPrivately held company
Type of site
SaaS-based hosting platform
HeadquartersNew York City, New York
Area servedWorldwide
Founder(s)Anthony Casalena
CEOAnthony Casalena
IndustryInternet
ProductsWebsite builder and hosting service
RevenueIncrease US$621.1Million(2020)[1]
Employees1,143 (2021)
URLwww.squarespace.com
RegistrationRequired; subscription needed for certain features.
LaunchedJanuary 2004; 17 years ago (2004-01)

Squarespace, Inc. is an American website building and hosting company which is based in New York City, United States.[2] It provides software as a service for website building and hosting, and allows users to use pre-built website templates and drag-and-drop elements to create and modify webpages.

In 2004, Anthony Casalena founded Squarespace as a blog hosting service while attending the University of Maryland, College Park. He was its only employee until 2006 when it reached $1 million in revenue. The company grew from 30 employees in 2010 to 550 by 2015. By 2014, it raised a total of $78.5 million in venture capital; added e-commerce tools, domain name services, and analytics; and replaced its coding backend with drag-and-drop features.

Company history

Current Headquarters of Squarespace in Manhattan

Casalena began developing Squarespace for his personal use while attending the University of Maryland.[3][4] He started sharing it with friends and family members[3] and participated in a "business incubator" program at the university.[4] In January 2004, he launched Squarespace as do it yourself/drag and drop website builder for the public,[4][5] with a $30,000 seed fund from his father,[6] a small grant from the university,[7] and 300 beta testers who paid a discounted rate.[4][8][9][10] At that time, Casalena was the company's sole developer and employee, and worked out of his dorm room.[4][9]

By the time Casalena graduated in 2007, Squarespace was making annual revenues of $1 million.[5] He moved to New York City, began hiring, and had 30 employees by 2010.[5][10] That year, Squarespace received $38.5 million in its first round of venture capital funding led by Index Ventures and Accel Partners,[11] enabling it to hire more staff, continue to develop its software,[12] and double its marketing budget.[3] From 2009 to 2012, it grew an average of 266% in yearly revenue.[13] In April 2014, it received another $40 million in funding.[14][15] By 2015, it had reached $100 million in revenue and 550 employees.[5]

Squarespace purchased Super Bowl advertising spots in 2014,[16][3] 2015,[17] 2016,[18] 2017[19] and 2018.[20] Its 2017 ad won an Emmy Award for Outstanding Commercial.[19] In 2017, it signed a sponsorship deal with the New York Knicks to add the Squarespace logo to their uniforms.[21]

After the Unite the Right rally in 2017, Squarespace received a petition with 58,000 signatures and removed a group of websites for violating its terms of service against "bigotry or hatred" towards demographic groups.[22][23] In 2017, it raised an additional $200 million in funding, boosting its value to $1.7 billion.[24] This funding was earmarked for reacquiring interests from investors.[24]

In 2018, Squarespace partnered with the Madison Square Garden Company to launch the "Make It Awards", which award $30,000 to entrepreneurs (4 winners, totaling $120,000).[25]

In January 2021, the company filed paperwork for a stock-market listing with the U.S. Securities and Exchange Commission (SEC).[26][27][28]

Corporate affairs

Leadership

Squarespace is managed by CEO and Founder Anthony Casalena. Other key executives are:[29]

  • Nicole Anasenes, Chief Financial Officer & Chief Operating Officer
  • Andrew Bartholomew, Senior Vice President, Strategy
  • John Colton, Senior Vice President, Engineering
  • Raphael Fontes, Vice President, Customer Operations
  • Natalie Gibralter, Vice President of Product, Consumer Products
  • Mary Good, Chief People Officer
  • David Lee, Chief Creative Officer
  • Kinjil Mathur, Chief Marketing Officer

Product / business model

As of 2016, Squarespace had hosted more than one million websites.[5] Its users employ pre-built website templates, and a variety of drag and drop widgets to add elements such as text and images.[12] Its developers also create custom templates that are sold to users.[12] On-screen instructions walk users through things like search engine optimization and setting up e-commerce.[5] Its services are in direct competition with WordPress.com,[30] Wix.com,[31] and other digital website building agencies.[32]

Squarespace was initially built for creating and hosting blogs.[8] E-commerce features, such as an integration with Stripe for accepting credit card payments, were added in 2013.[33] In 2014, more commerce features were added; a mobile version of the service was released; a separate facility was added for developers writing custom templates and features;[34] and a logo-creation app was introduced in partnership with icon designer Noun Project.[35]

In 2011, Squarespace was upgraded to version 6, with new templates, a grid-based user interface, and other enhancements.[12] Version 7, which went live in 2014, replaced its coding backend with a drag and drop interface,[36][37] and added integration with Google Apps for Work and Getty Images.[15] In 2016, Squarespace started selling domains, putting it in more direct competition with GoDaddy;[38] and added an analytics dashboard[39] and PayPal integration.[40]

References

  1. ^ https://www.cnbc.com/2021/04/16/website-maker-squarespace-files-to-go-public-on-nyse.html
  2. ^ "Squarespace Offices / A+I". ArchDaily. 2018-07-31. Retrieved 2021-01-30.
  3. ^ a b c d Cole, Samantha (May 21, 2014). "How Squarespace's CEO Pivoted to Scale for Millions". Fast Company. Retrieved January 7, 2018.
  4. ^ a b c d e Lohr, Greg (April 23, 2004). "University of Maryland Student in a Class by Himself". Washington Business Journal.
  5. ^ a b c d e f Clifford, Catherine (April 22, 2016). "How Squarespace Went From a Dorm-Room Project to a $100 Million Web Publishing Platform". Entrepreneur. Retrieved January 7, 2018.
  6. ^ "UMD Alumnus Company Squarespace to Run Inaugural Big Game Ad". UMD Right Now :: University of Maryland. 2014-02-01. Retrieved 2021-01-30.
  7. ^ June 30, Dan Patterson in Innovation on; 2016; Pst, 10:22 Am. "How Squarespace became a multimillion dollar publishing giant". TechRepublic. Retrieved 2021-01-30.CS1 maint: numeric names: authors list (link)
  8. ^ a b "How Squarespace became a multimillion dollar publishing giant". TechRepublic. June 30, 2016. Retrieved January 7, 2018.
  9. ^ a b Caumont, Andrea (September 13, 2004). "Squarespace Lets Users Manage Multi-Page Web Sites". The Washington Post.
  10. ^ a b Evelyn Rusli (July 13, 2010). "Squarespace Raises $38.5 Million From Accel, Index Ventures". TechCrunch. Retrieved January 7, 2018.
  11. ^ "Squarespace Raises $38.5 Million From Accel, Index Ventures". TechCrunch. Retrieved 2021-01-30.
  12. ^ a b c d "Squarespace 6: Rebuilt From The Ground Up To Take On WordPress, Tumblr And Everyone Else". TechCrunch. October 21, 2011. Retrieved January 7, 2018.
  13. ^ "Fast 50". Crain’s New York Business. October 7, 2013.
  14. ^ Zipkin, Nina (2018-02-15). "The Founder of Squarespace Explains Why You Don't Want to Raise As Much Money as Possible". Entrepreneur. Retrieved 2021-01-30.
  15. ^ a b Warren, Christina (October 7, 2014). "Squarespace Ramps up its Tools to Compete with Wordpress". Mashable.
  16. ^ "UMD Alumnus Company Squarespace to Run Inaugural Big Game Ad". research.umd.edu. Retrieved 2021-01-30.
  17. ^ Stampler, Laura (January 28, 2015). "This Super Bowl Ad Purposely Wants to Put You to Sleep". Time. Retrieved January 26, 2018.
  18. ^ "Key and Peele turn Squarespace's Super Bowl ad into an event". USA TODAY. January 1, 2016. Retrieved January 26, 2018.
  19. ^ a b "Squarespace's Super Bowl Ad With John Malkovich Wins the Emmy for Best Commercial". AdWeek. Retrieved January 26, 2018.
  20. ^ Poggi., Jeanine (January 31, 2018). "Squarespace's Super Bowl Ad Is Just Keanu Standing on a Motorcycle". AdAge. Retrieved February 13, 2018.
  21. ^ Soshnick, Scott (October 10, 2017). "Knicks Team Up With Squarespace for Patch Sponsorship Deal". Bloomberg.com. Retrieved February 13, 2018.
  22. ^ "Website host Squarespace to remove a 'group of sites' after violence at Charlottesville white nationalist rally". Washington Post. August 17, 2017. Retrieved January 7, 2018.
  23. ^ "Squarespace won't host your racist websites, either". CNET. July 23, 2014. Retrieved January 7, 2018.
  24. ^ a b Vynck, Gerrit De (December 14, 2017). "Squarespace Raises Funding at $1.7 Billion Valuation". Bloomberg.com. Retrieved January 7, 2018.
  25. ^ "The New York Knicks and Squarespace Announce Second Annual "Make It Awards" – The Madison Square Garden Company". www.themadisonsquaregardencompany.com. Retrieved 2019-08-16.
  26. ^ "Squarespace Says It's Filed Confidentially to Go Public in U.S." Bloomberg.com. 2021-01-27. Retrieved 2021-01-30.
  27. ^ Reuters Staff (2021-01-27). "Squarespace confidentially files for stock market listing". Reuters. Retrieved 2021-01-30.
  28. ^ "Website-building company Squarespace confidentially files to go public". Business Insider. Retrieved 2021-01-30.
  29. ^ "Our Team". Squarespace. Retrieved 9 January 2020.
  30. ^ "Squarespace vs. WordPress.com: Which Is Best for Easy Website Creation?". PCMAG. Retrieved 2021-01-30.
  31. ^ Brussel, Joe Van. "Best website builder for 2021: Squarespace, Wix and more compared". CNET. Retrieved 2021-01-30.
  32. ^ "The Difference Between Squarespace and a Web Design Agency". Whitehat Blog. 2016-09-09. Retrieved 2021-01-30.
  33. ^ Summers, Nick (February 14, 2013). "Squarespace Adds Commerce Tools To Its Website Builder". The Next Web. Retrieved January 7, 2018.
  34. ^ Novet, Jordan (April 16, 2014). "Don't forget about website runner Squarespace. It just raised $40M". VentureBeat. Retrieved January 7, 2018.
  35. ^ Brownlee, John (January 22, 2014). "Squarespace Makes Designing A Logo Dead Simple". Co.Design. Retrieved February 13, 2018.
  36. ^ Nudd, Tim (October 20, 2014). "Squarespace's Radical Update Is Like a Blank Canvas. So Its New Ads Are, Too". Adweek.
  37. ^ Rhodes, Margaret (October 7, 2014). "The New Squarespace is a UX Dream that Eliminates the Backend Entirely". Wired.
  38. ^ Ungerleider, Neal (April 15, 2016). "Now Competing To Be The Master Of Your Domain: Squarespace". Fast Company. Retrieved January 7, 2018.
  39. ^ Ha, Anthony (June 14, 2016). "Squarespace introduces new analytics for its commerce-focused customers". TechCrunch. Retrieved January 7, 2018.
  40. ^ "Squarespace businesses can now accept PayPal". The Next Web. November 1, 2016. Retrieved February 13, 2018.

External links