Facebook cofounder Dustin Moskovitz explains how his $1.5 billion startup Asana hit a $100 million milestone
- Asana announced Wednesday that it crossed $100 million in annual recurring revenue, growing over 90% in revenue last year.
- Asana CEO and cofounder Dustin Moskovitz, also a Facebook cofounder, says that this growth is in huge part due to Asana expanding its international presence.
- Asana is planning a series of launches this year focusing more deeply on specific sectors, starting with marketing and creative teams.
The collaboration and productivity software startup Asana is now raking in $100 million in annual recurring revenue, the company announced Wednesday.
Asana, which was co-founded by Facebook cofounder Dustin Moskovitz, grew by more than 90% in revenue last year, notching its eight consecutive quarter of topline growth. Now, it has over 60,000 paying organizations and about 450 employees worldwide, the company says. Investors are paying attention too, valuing the startup at $1.5 billion in a December funding round in which Asana raised $50 million.
A big part of Asana's growth has come from its international focus, Moskovitz tells Business Insider. He sees more opportunity overseas in the coming year.
Right now, Asana has about 50 employees in Dublin, supporting the European market, and it recently established an office in Sydney to support Australia and Asia. And last year, Asana worked on translating its product to Spanish, German, Portuguese, French and Japanese.
"A lot of it has really been driven by the growth internationally, but we're growing even faster in Europe," says Moskovitz, who serves as Asana CEO. "We translated the product, and that made it accessible to a huge chunk of the world. We've also been establishing our presence globally."
Asana CMO Dave King says that over half of Asana's business now comes from outside the US.
Asana's growth strategy
After launching two major products in 2018, Asana says the plan this year is to drill deeper into certain sectors. On Wednesday, the company announced a product specifically for marketing and creative teams.
Read more: This Facebook cofounder's $900 million startup has a new plan to go after big business customers
As corporate marketing teams are tasked with producing more types of content and ad campaigns, Asana is positioning its online collaboration tools as a way to streamline that work.
"There's a big shift, now with the mobile and digital era that teams are expected to put out a lot more content faster," King told Business Insider. "Strangely enough, behind some of the world's most iconic brands are really nasty spreadsheets and never ending email chains. There's never been a system for them to manage their process.'
Moskovitz says Asana still has much to do in terms of growing and reaching more customers internationally. Later this year, Asana plans to open up a data center in Frankfurt and expand its team from 450 to 700 employees worldwide. This includes doubling the size of the Dublin office, since Asana has seen especially high growth in Europe, Moskovitz says.
"We have really great insight into what our customers need next," he said. "We see a strong response from our existing customers and are reaching the next set of customers who need more functionality before they can get on board."
- A millennial who became a millionaire after the 2008 crash says building wealth is about more than opportunistic investing. You also have to make lifestyle changes and load up on side hustles.
- OnePlus Nord CE 3 leaks ahead of launch – specs, expected launch date and more
- A 53-year-old longevity researcher says his 'biological age' is a decade younger thanks to 4 daily habits — but the science behind them is mixed
- Learning AI can be lucrative: Freshers’ annual pay is ₹10-14 lakh in India, says TeamLease Digital report
- CoCo bonds fall sharply over Credit Suisse deal
- Date night conversations to diet charts – 10 things ChatGPT can help you with
- Gold is bankable, shines more than some western banks say experts
- Fear of financial crisis is keeping investors away from stock markets say experts