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Photo: Courtesy of Notion

Notion, a San Francisco-based startup that’s developed a cult following for its cloud-based collaboration tool, raised $50 million in new funding at a $2 billion valuation.

Why it matters: The entire round happened after the coronavirus pandemic spread to the U.S.

  • Index Ventures led the round, and was joined by existing investors.
  • Notion says it's been profitable for the past 18 months.

“I think the velocity of how fast this moved is, I think, something nobody could have predicted,” Notion COO Akshay Kothari tells Axios of the company’s decision to raise funding once the Coronavirus crisis hit.

  • “I think a lot of potential recruits would want to join a stable company, and a lot of our customers would want to use Notion knowing that it’ll be around for a long time,” he adds.
  • According to Kothari, after rebuffing Index Ventures and others for more than a year, the startup called up Index’s Sarah Cannon on Wednesday of last week, and was finalizing the deal by Friday.
  • “The Notion team is visionary, the market is the 1B people that use Microsoft Office, and the engagement looks like Slack,” a source familiar with Index Ventures’ thinking tells Axios.

By the numbers:

  • Grew from one million to four million user in the last year, and saw China-based user signups grow threefold since the virus pandemic started.
  • According to Forbes, the company reportedly has an annualized run rate of $30 million.
  • Notion says its latest funding gives it 10 years of runway.

The big question: “I think long term were most likely an enterprise product,” says Kothari. Can a startup that’s entirely grown on word-of-mouth take on enterprise customers?

Go deeper: Tomorrow's workplace apps are pretty, cloud-based and collaborative

Go deeper

Rep. Rice demands Cuomo resign after 3rd woman accuses him of misconduct

New York Gov. Andrew Cuomo during a February news conference in New York City. Photo: Seth Wenig/POOL/AFP via Getty Images

Rep. Kathleen Rice (D-N.Y.) on Monday evening called for New York Gov. Andrew Cuomo (D) to resign, after a third woman accused him of inappropriate behavior.

Driving the news: Anna Ruch, a former member of the Obama administration and the 2020 Biden campaign, told the New York Times Monday that Cuomo asked to kiss her at a New York City wedding reception in September 2019.

Scoop: Inside the GOP's plan to retake the House

House Minority Leader Kevin McCarthy. Photo: Elijah Nouvelage/Bloomberg via Getty Images

House Republicans will reclaim their majority in 2022 by offering candidates who are women, minorities or veterans, a memo obtained by Axios says.

Why it matters: The document, drafted by a super PAC blessed by House Minority Leader Kevin McCarthy, names top Democrats to target — Jared Golden of Maine, Matt Cartwright of Pennsylvania and Ron Kind of Wisconsin — and the type of Republican candidates to beat them.

3 hours ago - Politics & Policy

Scoop: Trump talked out of early Ohio endorsement

Jane Timken at a 2017 Trump rally. Photo: Kyle Mazza/NurPhoto via Getty Images

Donald Trump had to be talked out of making an early endorsement in Ohio's 2022 U.S. Senate race, a sign of his eagerness to reengage politically, people familiar with the conversations tell Axios.

What we're hearing: The former president discussed endorsing former state GOP chair Jane Timken last week during a meeting at Mar-a-Lago with RNC Chairwoman Ronna McDaniel, but top advisers — including Donald Trump Jr. — urged him to wait.