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Grammarly secures $1B in nondilutive funding from General Catalyst
The$1 billion in revenue based-financing will be used to fund Grammarly's customer growth.
The 14-year-old writing assistant startup will use the new funds for its sales and marketing efforts, freeing up existing capital to make strategic acquisitions. Unlike a traditional venture round, General Catalyst will not receive an equity stake in the company in return for the investment. General Catalyst head honcho Hemant Taneja and Pranav Singhvi, co-head of CVF, talked with TechCrunch in greater length about the group’s specialized financing strategy last fall.
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