August 27, 2024
The AI-powered scheduling tool Reclaim.ai, which is supported by investors including Calendly and Index Ventures, has been acquired by Dropbox. Although the acquisition was announced on Reclaim.ai's website, Dropbox has not revealed any financial details regarding the deal.
Reclaim.ai, which was founded in 2019 by Henry Shapiro and Patrick Lightbody, has announced that it will continue to develop its product while under the ownership of Dropbox. The tool, used by over 43,000 companies and more than 320,000 people worldwide, will also maintain ongoing support for all users.
Moreover, Reclaim.ai has successfully secured over $9.5 million in funding from various investors, such as Calendly, Character.vc, Flying Fish, Gradient Ventures, Index Ventures, Operator Partners, Yummy Ventures, Grafana CEO Raj Dutt, and former GitHub CTO Jason.
The startup has prioritized the utilization of AI to assist users in effectively managing their time, which includes tasks such as identifying available meeting slots, scheduling tasks, establishing personal routines, and ensuring adequate breaks. Its product seamlessly integrates with Google Calendar and provides various features such as booking links and the automatic scheduling of optimal times for all participants. Reclaim.ai has competition from other scheduling tools such as Calendly, Clockwise, and Doodle.
Reclaim.ai offered a basic free tier for individual users, with small team plans starting at $8 per person per month. The company has indicated that the fee will remain the same for the time being.
In a video posted on X, the founders of Reclaim.ai have revealed that the entire team of 22 people will be joining Dropbox. They expressed their enthusiasm for joining forces with Dropbox, as they believe that this partnership will help them advance their shared mission of ‘designing a more enlightened way of working’, a vision that both companies have pursued since Reclaim.ai's establishment in 2019.
Reclaim.ai has so far only offered integration with Google Calendar. However, the company has mentioned plans to add support for Outlook integration in the near future.
The acquisition mentioned is part of a larger trend observed in productivity companies to incorporate calendar management and scheduling tools into their platforms. This year, ClickUp, with backing from Tiger Global and a16z, acquired Hypercal, a calendar startup, to enhance its scheduling capabilities. Additionally, in January, Notion introduced a new calendar product, which was developed based on its acquisition of Cron in 2022.
Earlier this month, in its Q2 2024 report, Dropbox revealed that it had generated $634.5 million in revenue, representing a 1.9% YoY increase, and had 18.22 million paying users, up from 18.04 million in the previous year.