Earlier this year, Automattic raised $288 million in a funding round that valued the company at $7.5 billion. This impressive valuation was in part due to the growth of WooCommerce, which has seen a boost during the pandemic.
With this new investment, Automattic had the opportunity to conduct a $250 million share buy-back. This gave employees, past employees, advisors, and investors the chance to sell some of their equity.
The success of WooCommerce has been a major factor in Automattic’s growth and valuation. Over the past few years, the plugin has become one of the most popular eCommerce platforms in the world, powering over 5 million websites. Its versatility and user-friendly design make it an attractive option for businesses of all sizes and types.
The growth of WooCommerce has also been boosted by the pandemic, as more and more businesses are turning to eCommerce to sell their products and services. This has given Automattic and WooCommerce a tailwind, helping to drive their success and growth.
Overall, the $288 million funding round and the subsequent share buy-back offer a great opportunity for Automattic and its employees, past employees, advisors, and investors. We look forward to seeing what the future holds for this successful and innovative company.