London-based Raycast, a software company, announced on Wednesday that it has raised a $30M (approximately €27M) Series B funding round led by Atomico.
Other investors, including Accel, Coatue, Y Combinator, Atlassian Ventures, World Innovation Lab, and notable angels Guillermo Rauch (CEO of Vercel), Thomas Dohmke (CEO of GitHub), and Tobi Lütke (CEO of Shopify), also participated in the funding round.
As part of this round, Atomico Partner Luca Eisenstecken will join Raycast’s board.
The company plans to use the capital to support its cross-platform vision.
It will begin with product development for Windows and iOS, with a focus on redefining productivity with AI.
Additionally, the company will make several key hires in Europe, including engineering, product, and UX specialists for these platforms.
What does Raycast solve?
Knowledge workers constantly switch contexts between workflows and tools, leading to mental overload and significant productivity loss.
A 2022 Harvard Business Review (HBR) study found that constant switching between apps and websites costs workers 9 per cent of their annual time, reducing productivity and focus.
This is what Raycast aims to combat and help people achieve ‘Flow’ – a concept central to its mission to help knowledge workers achieve a perfect state of productivity.
Raycast: Combating digital fragmentation
Founded in 2020 and led by Thomas Paul Mann, Raycast provides a single platform through which users can launch and navigate all their key applications, giving them greater control of their digital workspaces.
As per the company’s claims, over 1500 open-source extensions are available to users to make the most of apps like GitHub, Zoom, and Notion.
Thomas Paul Mann, CEO and co-founder of Raycast, says, “We believe that achieving a state of ‘flow’ is key to productivity and job satisfaction. Raycast isn’t just about saving time – it’s about never wasting it. By allowing users to perform actions like sending Slack messages, checking notifications, or anything else without even opening the app, we’re helping people stay focused and in control of their digital environment.”
The platform has around 22,000 community of developers who use and build tools, claims the company.
It also integrates seamlessly with third-party extensions like Jira, GitHub, and Notion, alongside other commonly used applications such as Translate, Spotify, Linear, Google Translate, YouTube, and ChatGPT.
Raycast claims to have hundreds of thousands of daily active users for its Mac capabilities.
However, the company also announced that they will be launching upcoming iOS and Windows versions soon.
Additionally, Raycast Pro, its AI-enhanced tool acts as a singular AI that will interact with all a user’s tools in natural language, and allow them to create and reuse their own AI prompts, further enhancing the flow state by reducing the need for context switch even for AI interactions.
The investor
Atomico invests in ambitious tech founders from Seed through to IPO with a particular focus on Europe.
The company has partnered with over 100 ambitious teams – including those at Klarna, Supercell, DeepL, Aiven, Bird (formerly MessageBird), Stripe, Attentive, Pipedrive and Hinge Health.
The firm is currently investing out of its $1.24B sixth fund.
Luca Eisenstecken, Partner at Atomico, adds, “Thomas and Petr have built an incredible product that solves a crucial problem not only beautifully, but also effectively with a thriving open-source community of developers at its heart. Raycast provides users with virtually limitless opportunities to build a highly personalised productivity platform tailored to their unique workflows. I find it indispensable for my daily work. This is further underscored by the remarkable results of our in-depth user research during due diligence, where a staggering 98% of respondents reported a significant increase in their Raycast usage over the past six months.”
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