Templafy, a Denmark-born B2B SaaS platform that does business document creation, has raised a $60 million D round of funding led by Blue Cloud Ventures. All previous investors also participated, including Insight Partners, Seed Capital, Dawn Capital, and Damgaard Company. Templafy has now raised a total of $125 million.
Founded out of Denmark in 2014, Templafy helps businesses tightly control their corporate templates, documents, fonts, email signatures, and more, ensuring that employees across departments can easily access them wherever they are. This is perhaps more important at a time when workers have been forced to embrace remote work, meaning that they may be more inclined to use an old document template they have stored on their laptop, for example.
To some extent, Templafy competes with PandaDoc. However, founder Christian Lund, said: “The platform that we’ve built is very enterprise-focused, so it is agnostic to use case. It’s really about helping employees produce pretty much any type of business document or content that they need to have, allow them to start from any application where they work. It might be Office or Google but it could also be Salesforce or teams or slack. Others are very vertically focused against particular use cases for example around sales. We are horizontally focused and helping out on a series of use cases across large enterprises.”
Mir Arif, Managing Partner at Blue Cloud Ventures said: “Templafy is solving an all-too-common, yet frequently overlooked problem for organizations: disconnected content. While the term may be new, the problem itself is not. When company content isn’t integrated into the applications where employees work, organizations experience disconnected content which can cause several damaging issues including loss of compliance, a drag on efficiency, and ultimately a negative impact on business performance. The ambition to solve disconnected content for all enterprises combined with a ripe market, an operationally strong team, and a powerful, user-friendly platform makes Templafy an exemplary partner.”
Templafy’s Series C round of $25 million was 14 months ago.
- The Series F round was led by MC Global Edtech Investment, with participation from B Capital and others
- Collectively, all the investors have collectively acquired a 3.53% stake in the company in this round
- Media reports suggest that BYJU’S will raise about $700 Mn in this round, reaching the valuation of $15 Bn
Bengaluru-based edtech giant BYJU’S has now become the second highest-valued Indian startup, trailing only digital payments giant Paytm, after raising INR 3,328 Cr (about $460 Mn) as a part of its ongoing Series F funding round.
The funding round, which valued BYJU’S at a whopping $13 Bn, was led by MC Global Edtech Investment Holdings with participation from Facebook co-founder Eduardo Saverin’s B Capital and others. Tiga Investments, TCDS India LP, Arison Holdings, XN Exponent Holdings, Baron Emerging Market Fund, and Baron Global Advantage Fund also participated in the round, together with picking up a 1.21% stake in the company.
According to the ministry of corporate affairs filings, BYJU’S has approved the allotment of 1,40,233 Series F compulsory convertible preference shares (CCPS) at a face value of INR 10 and a premium of INR 2,37,326 per share. Lead investor MC Flobal has invested INR 1,628 Cr (about $225 Mn) for a 1.73% stake in the company. B Capital participated in the round through two entities, infusing about INR 561 Cr (about $77 Mn) in exchange for a 0.59% stake in the company. The round was first reported by Entrackr.
Read Tiger Global invests $200 Million in BYJU’s in Jan 2020
The development comes a week after reports emerged about BYJU’S looking to raise another $600 Mn to $700 Mn from new and existing investors, at a valuation of $15 Bn. Reports added that the company is in talks with the investors and the round could grow even further than the stated amount as the talks continue.
BYJU’S doubled its valuation last year, from $6 Bn to $12 Bn in less than 12 months, which included multiple acquisitions. The latest round represents a 2.1X or 116% increase in the company’s valuation from $6 Bn at the end of 2019 to around $13 Bn now. In case, the company manages to hit a $15 Bn valuation, it would represent a 150% increase.
Besides being the highest valued edtech startup in the world, BYJU’S also has a sizeable number of users. The company had added 25 Mn new students to its platform between March 2020 to November 2020, growing its user base to 75 Mn students, including 4.2 Mn annual paid subscribers.
The company has also been relying on impactful and big acquisitions to get a deeper control of the edtech market in India. Last August, it had acquired coding for kids startup WhiteHat Jr in August 2020 for $300 Mn. This year, the company is said to be in the advanced stages of talks to acquire Mumbai-based K12 rival Toppr and test prep giant Aakash Educational Services, which has over 200 physical coaching centers for engineering and medical entrance test prep.
The acquisition of Aakash would be the biggest acquisition in the Indian edtech space and would help BYJU’S make a mark even on the traditional and offline education ecosystem.