Investment led by Coatue brings total amount raised to $50 million in one year since founding for the Virtual Office company
Teamflow, the virtual office leader, announced it has closed a $35 million Series B investment round led by Coatue. Existing investors Menlo Ventures’ Naomi Ionita and Battery Ventures’ Neeraj Agrawal are also participating in the round, bringing Teamflow’s total amount raised to $50 million in one year since founding.
Teamflow will use the funds to hire, accelerate its growth, and drive towards its vision of a virtual office connecting remote and onsite teams.
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Since launching, Teamflow has experienced impressive growth, positioning as the tool of choice for the hybrid and remote workforce. Their virtual office platform has been used for over a million meeting hours.
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According to a recent McKinsey survey, nine out of ten organizations will go hybrid in the post-pandemic future of work, but most organizations are still working out how to approach this new working model.
“Remote work has changed everything about how we work,” said Teamflow founder and CEO Flo Crivello. “But there’s been an unspoken assumption that we don’t have to change any of our tools. Same Slack, same Zoom. We think a new way of working calls for a new set of tooling.”
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Teamflow is enabling remote and hybrid teams to collaborate and build relationships. Making the hybrid model work for both employees and employers is vital. According to a recent Gartner survey, 55% of employees say their ability to work flexibly will impact whether they stay with their employer.
Teamflow is already trusted by iconic companies known for their ambitious hybrid and remote plans, including Autodesk, Netflix, Shopify and Uber by providing software that supports their cultures while putting remote and in-office employees on an equal footing.
“The pandemic has fundamentally changed the nature of work, and the tools we used daily before the pandemic need to be re-imagined for our new world,” said Lucas Swisher, General Partner at Coatue Management. “We think Teamflow has the clearest vision regarding what the future of work looks like. We’ve also been impressed by the passion customers have for the current product and how they are already making it the backbone of their workday.”
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