Project and work management application Asana has completed a Series E round of funding that raised the company $55 million (£39 million).
This recent funding round brings the company’s evaluation to $1.5 billion (£1.1 billion.)
Asana was founded in 2008 by two former Facebook employees, Justin Rosenstein and Facebook co-founder Dustin Moskovitz.
The application is a mobile and web project management tool developed to help teams and individuals keep track of work projects, while also maintaining lines of communication between the team.
Users can input project tasks and due dates which are then displayed in a row and column format. Notes can be added and certain tasked can be assigned to individual team members. Asana has a timeline feature that operates in a similar manner to a Gantt chart, with all of your project tasks and deadlines displayed in one place.
The round was led by Generation Investment Management, in addition to existing investors 8VC, Benchmark Capital and Founders Fund, and new investors Lead Edge Capital and World Innovation Lab
Currently Asana has over 50,000 organisations signed on as paid subscribers, with a further million users operating the basic free version of the application.
Dustin Moskovitz, co-founder and CEO Asana commented in a released statement that: “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 democratize project management and improve team coordination.”
Asana is competing in a market filled with collaborative work applications such as Slack which launched four years ago and reported eight million daily active users (DAU) this year across 500,000 organisations. Of this number, some three million are paid users.
Asana is going to invest in furthering its global infrastructure capabilities. It plans to open an AWS-based data centre in Frankfurt Germany in 2019. They also plan to open offices in Sydney and Tokyo to support their growing Asia-Pacific user base.
The product has four different pricing tiers; starting at basic users can view projects, status and due dates for no cost. Premium begins at £9.40 and allows user to customise fields and tasks in a more advanced manner.
At £18.78 a month the Business plan includes the ability to construct an on-boarding plan with Asana’s customer service team.
“We’re more focused than ever on our vision to enable organizations to align their missions with clarity of plan, purpose and responsibility so they can focus on the work that matters most,” Mr Moskovitz stated.