Airtable, a developer of cloud-based collaboration software, is finalizing a new round of funding that would value the San Francisco startup at $11.7 billion including the new capital, said two people familiar with the discussions. XN LP, a multibillion-dollar investment firm that backs both public and private companies, is set to lead the round, one of the people said.
The funding, expected to be more than $700 million, would likely be used to attract large corporate customers and develop new products, said a person with direct knowledge of the matter. New investors in the round also include Silver Lake Partners and T. Rowe Price, as well as existing investor Coatue Management, said one of the people.
The deal reflects continued investor interest in startups offering productivity tools that make it easier for employees to work together remotely. Demand for such software from firms like Asana and Notion has accelerated over the last year.