TextExpander Takes Venture Capital
TextExpander, a developer of productivity software, today announced a $41.4 million financing round and the addition of SaaS industry leader J.D. Mullin as the company’s new CEO. The financing is led by global growth equity investor Summit Partners and will support continued investment in R&D, hiring and customer acquisition, and will help to further accelerate TextExpander’s rapid growth.
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Today, the company has more than 100,000 monthly active users (MAU) who have employed 560 million expansions in the last year alone.
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Prior to joining TextExpander, J.D. was an Executive-in-Residence at Summit Partners. Previously, he spent two years leading the QuickBooks Time business unit at Intuit following its acquisition of TSheets, a leading SaaS-based time tracking and scheduling program.
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“With this investment from Summit Partners, we will continue to advance enterprise capabilities and expand our team to support a growing base of loyal customers.”
Alongside the funding, the company is also appointing a new CEO, J.D. Mullin, who is taking over from Philip Goward, who co-founded the company originally with Greg Scown. TextExpander was born out of another developer platform they built called Smile — you can read more about that early history, with an interesting nod to how they originally met at Macworld and how the threat of a clone led them to build for iOS after first launching on Mac, here — and both are keeping seats on the board and remaining involved in aspects of development.
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For now, it sounds like some of the investment will go toward helping TextExpander work with those behemoths but on a functionality basis. There will be, for example, efforts to expand integrations with the likes of Salesforce to both help build better repositories of “sources of truth” as well as to build more use cases for where TextExpander might be applied.
Previously:
- 1Password Series C Funding Round
- TextExpander 7
- PSPDFKit Takes Venture Capital
- 1Password Takes Accel Investment
3 Comments RSS · Twitter
@Corentin Cras-Méneur: exactly. I spent a whole of 5 bucks for aText and never looked back.
What are they planning to do with such an amount of money?
> What are they planning to do with such an amount of money?
Increasing their user base, particularly in the enterprise segment, and then getting acquired by a larger company, so Summit can cash out.
I was a TextExpander user myself. Its a powerful and well-made app, but I left when they migrated to subscription only for Typinator (or rather I used the version I had with a regular license for as long as I could until I started having issues and Typinator charmed me away).
According to tis news, they didn't loose users en masse since they are even trying to expand now, but I keep on saying that I have a visceral reaction every time an app I use go to a subscription model (especially when updates are then scarce and underwhelming…).