Squarespace Raises Funding at $1.7 Billion Valuation
- $200 million will mostly go toward cashing out early backers
- Website builder generated $300 million in revenue this year
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For years, Squarespace Inc. has been a leader in the old-school art of designing websites. Its main rival, Wix.com Ltd., has been public since 2013, but Squarespace remains private.
Now in its teenage years, Squarespace is giving early employees and investors a way to cash out. The New York-based company said General Atlantic LLC, an investment firm and Squarespace backer, is injecting a new round of funding, most of which will go toward buying stock from other investors and employees.