Through the investment, Titan will be increasing its reach and selling its electronic mail (email) suite to Automattic and Wordpress' wide range of customers
Bengaluru: Professional email startup, Titan founded by serial entrepreneur Bhavin Turakhia on Tuesday said that it has raised $30 million as a part of its maiden fundraise from Automattic, the parent company of WordPress.com.
The investment marks the single largest investment ever made by Automattic and values Titan at $300 million, the company said.
Through the investment, Titan will be increasing its reach and selling its electronic mail (email) suite to Automattic and Wordpress' wide range of customers.
Founded in 2018, Titan’s e-mail suite helps businesses to schedule their mails, drop follow-up reminders, and provides templates to allow users to quickly send out new emails and recurring responses without having to draft them from scratch.
As a part of the fundraise, Automattic will be taking 10% stake in Titan, Turakhia told Mint.
“We are focussed on raising the right kind of capital. This investment and partnership with Automattic will help us bolster our brand and expand our sheer reach with its paid subscribers. Our goal is to help small business customers with smarter productivity tools and provide features such as email marketing, booking, invoicing and video calls to help them gain advantage," said Turakhia in an interaction.
“More than 95% of Automattic’s paid subscriber base are micro and small enterprises, which is also our go-to market at present," Turakhia added.
Titan will use the proceeds from the current fundraise to improve its products and engineering function, while boosting its partnerships and go-to-market strategy.
Turakhia in the past has founded several successful startups including domain and hosting business Directi in 1998, domain registry platform Radix in 2012, business collaboration tool provider Flock (under brand name Nova) in 2014, and banking technology startup, Zeta.
He sold his first startup Directi, which he co-founded with his brother Divyank Turakhia, for $160 million in 2014.
Recently, Zeta acquired the unicorn tag in June, after raising $250 million from Softbank.
Currently, Titan has close to 100,000 active users, of which 75% are paid subscribers. With the Automattic partnership, it looks to add another 100,000 accounts in the next one year.
“We are excited to make our largest strategic investment to date in Titan, and we are working to integrate it deeply on WordPress.com as a tool to help customers build a professional brand online," said Matt Mullenweg, founder and CEO of Automattic.
WordPress claims to power 42% of the world's websites between the open-source software and Automattic's commercial WordPress offering.
At present, Titan is available to users exclusively through its partnerships with leading web presence providers.
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