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Smartsheet Raises $35 Million to Extend Lead in Enterprise Work Management
|By Business Wire
|May 5, 2014 06:01 AM EDT
the collaborative work management tool used by more than 42,000 paying
organizations and millions of users worldwide, today announced it closed
a new round of financing of $35 million led by Palo Alto-based Sutter
Hill Ventures. This financing will fuel the expansion of the
spreadsheet-inspired tool and capitalizes on the momentum of wide-scale
adoption, especially within large enterprises. Previous investors,
Insight Venture Partners and Madrona Venture Group, also participated in
Mark Mader, Chief Executive Officer at Smartsheet (Photo: Business Wire)
Over the past year, Smartsheet increased its enterprise customer base by
5x, which includes many of the world’s industry-leading organizations
such as Google, The U.S. General Services Administration (GSA), Netflix,
Office Depot, Groupon, Intercontinental Hotels Group, Pearson,
Unisource, Oceaneering, McGraw-Hill Education, Bucknell University,
Ecova, Extreme Networks, Red Hat, WestEd, and Wargaming.net. Smartsheet
funding now totals $70 million.
“We are looking for companies that offer ‘consumer-like’ apps but have
the power of enterprise solutions for solving real-world business
problems,” said Jim White, Managing Director at Sutter Hill Ventures.
“Smartsheet has the simplicity of a spreadsheet but the power of a
database, project management and collaboration solution tied together.
The viral nature and deep usage within enterprises is being proven out
with their impressive roster of customers.”
As part of the financing, White joins the Smartsheet Board of Directors.
He currently serves on the boards at global brands Shutterfly and
Glassdoor.com and has been named to the Forbes
Midas List several times for his success in investing in disruptive
“We believe there’s a fundamental shift occurring in how technology
influences how work gets done in organizations,” explained Mark Mader,
president and CEO of Smartsheet. "While Smartsheet was cash-flow
positive in March, the success and opportunity we see with enterprise
customers makes additional investment a clear choice.”
Earning the Enterprise From the “Bottom Up”
Like many cloud-based tools, Smartsheet is primarily discovered and
adopted by teams to collaborate on projects and manage business
processes—from marketing launches to IT tasks.
Smartsheet virally expands as people “share their sheets” with other
team members, clients and vendors. Additionally, Smartsheet meets
companies’ staunch requirements for enterprise-level security, mobile
capabilities, administrative controls, and integration with cloud tools
and core systems. With the combination of “consumer-easy” and
“enterprise-ready” capabilities, the number of people using Smartsheet
in enterprise accounts quadruples on average in the first year.
“The themes of BYOA and BYOD form a major part of today's modern
enterprise IT landscape.” said Alan Lepofsky, VP and Principal Analyst,
Constellation Research. “While the BYOA trend satisfies the business
user’s needs for point solutions that they can actually use, it can
complicate and at times even conflict with an organization’s
enterprise-level IT strategy. However, the best cloud-based apps often
see growth from department to department and even across an entire
Groupon has seen the adoption of Smartsheet grow to more than 2,000
people since Erica Geil, Director, Global Operations first introduced it
to the PMO group two years ago. Adoption
continues to spread rapidly.
“Smartsheet stood out as the clear choice for our group because it’s
easy to use and flexible enough to coordinate a wide range of projects
and tasks,” said Geil. "It’s been really exciting to see how Smartsheet
has spread like wildfire – from Engineering to our Audit and Travel
teams around the world. It reinforces our commitment to provide tools
that work however the teams work. Smartsheet works alongside Google Apps
and other core systems, and via mobile—satisfying our need to increase
efficiency, control costs, and collaborate securely. Smartsheet meets
all these requirements and more.”
Smartsheet, a leading Software as a Service (SaaS) company, offers
businesses an intuitive collaboration and work management tool. The ease
of use of the familiar spreadsheet-like interface, coupled with file
sharing, work automation and Gantt chart features, have made it a
popular and highly functional collaboration and project management tool.
Smartsheet is used by teams across more than 165 countries to organize,
plan and execute a broad spectrum of projects and processes, including
marketing campaigns, product launches, business operations, events,
strategic planning and HR initiatives. Customers include construction
companies, consulting firms, schools and universities, utility firms,
government entities, healthcare organizations, high-tech firms,
non-profits, manufacturing and law firms, among others. Additionally,
Smartsheet offers mobile apps, pre-built templates and integrations with
leading cloud apps such as Box, Dropbox, Salesforce, Google Drive and
Zapier to ensure users are up and running quickly. Visit
www.smartsheet.com for more details.
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20140505005290/en/
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