Asana is a project management tool founded in 2008 that focuses on collaborative task management. Asana allows users to break up projects and assign, track and meet task deadlines using email, calendar and communication integrations. It announced a workflow integration solution in partnership with ServiceNow’s enterprise platform (May 2021) and introduced video messaging capabilities in partnership with Vimeo (June 2021). Asana listed on the New York Stock Exchange in September 2020 and had a total of USD 453 million in debt and equity financing at the time of the listing.
Funding and financials
Asana’s FY 2023 full-year revenue was up 45% YoY at USD 547 million. The revenue growth was supported by a 19% YoY growth in paying customers to 139,000 as of Q4 FY2023. Notably, the number of customers spending USD 50,000 or more (annualized basis) grew 46% YoY to ~1,300 as of Q4 FY2023, indicating significant traction among larger customers. The overall dollar-based net retention rate in Q4 dropped to 115% from 120% last year. Full-year FY2023 non-GAAP operating loss deteriorated to USD 207 million from USD 157.1 million a year ago.
The company guided full-year FY2024 revenue to reach USD 638 million–648 million, implying a 17%–18% YoY growth.
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