![]() ![]() "Enterprises have long invested in cloud-based applications that enable them to author, store, and communicate about work. Building upon an already solid financial position with low cash burn, the new funding will be used to accelerate investments in product, sales & marketing, and infrastructure to support increasing demand for Smartsheet’s platform. This latest funding round follows a period of rapid growth in which Smartsheet’s revenue increased by more than 60 percent year-over-year for the past five years, with the company expecting to exceed $100 million in annual recurring revenue this quarter. With the additional investment, Smartsheet’s total financing raised to date is more than $120 million. Smartsheet’s last round of funding was more than three years ago. Additional Smartsheet investors Madrona Venture Group and Sutter Hill Ventures, and new investor, Summit Partners, also participated in the round. It will be interesting to see how Smartsheet fares as mobile applications continue to move into the mainstream.BELLEVUE, WA – Smartsheet, the world’s leading SaaS platform for managing and automating collaborative work, today announced it raised $52.1 million in Series F funding, led by existing investor Insight Venture Partners. Of course the flip side of that is that spreadsheeting is a paradigm that lend itself best to traditional form factors – to this end Smartsheet is available via mobile devices – but availability on mobile and being mobile first are two different things. Taking this understood UI and branching it out into situational and contextual applications makes sense. Smartsheet is different in that it leverages spreadsheet, probably (and unfortunately) the place that enterprise employees spend a great deal of their time. By giving users total flexibility about how the applications looked and worked, it could be said that Podio didn’t give users an already understood point from which to start with. The product was pretty amazing but, arguably, well ahead of its time. Podio attempted to make lightweight and highly specialized applications easy to create. Smartsheet kind of reminds me of Podio, a startup that was acquired by Citrix last year. Smartsheet boasts of a bevvy of high profile customers – Google, Groupon, Netflix, McGraw-Hill and Office Depot among them. Those users are spread across 165 countries and cover a vast number of different verticals: construction companies, consulting firms, schools and universities, utility firms, government entities, healthcare organizations, high-tech firms, non-profits, manufacturing and law firms, among others. ![]() ![]() Originally launched in 2006, and then relaunched in 2010, the company boasts of 42000 paying users (and is quick to point out that this is more than perennial cloud darling Box has). Think of a familiar spreadsheet-like interface, alongside file sharing, workflow automation and project planning features. Users can, via a relatively simple interface, work on documents within a project and timeline paradigm. The Smartsheet product in essence combines the functions of Microsoft’s Office family - Excel, Project, Access and SharePoint. The company that creates a collaborative work management tool is today announcing a monster $35M funding round led by Sutter-Hill Ventures. If the current poor market performance of publicly listed cloud application vendors is impacting upon venture funding, someone has forgotten to tell Smartsheet. ![]()
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |