Squarespace has just announced that the company has just added $38 million to their war chest which they will use to hire more engineers, expand their location and help improve their (already) impressive service.
While news of the investment will probably make waves in the startup world, what’s interesting are the “secret” plans Squarespace has for their service, which might help convince a few users to defect to the dark side.
This investment — a growth stage investment on top of an already successful business — will allow us to more rapidly produce the sort of products we want to make, and focus on getting those products to market. This investment will support our product, team, and geographical expansion initiatives. [...]
Squarespace customers will be the real beneficiaries of this transaction. We want to grow into the company that can deliver the next stage of our vision — and I wanted to ensure nothing stood in the way of that. We are now cleared of all obstacles that stand in the way of us building our next generation platform — which will emerge over the coming months. (Official Squarespace Blog)
Note: Emphasis mine.
Squarespace’s plans for its war chest are turning heads, and have even caught the attention of WordPress’s founder, Matt Mullenweg.
Despite being much smaller than WordPress, or even Tumblr (the latter who just knocked out Typepad), Squarespace may use its new war chest to help compete against its rivals upon the iPad, as well as Android and Blackberry devices.
So far Squarespace has been guarding their “next generation platform,” which could help the premium blogging service finally break into the mainstream (as Squarespace thus far is seen as an elite blogging tool).