Welcome!

News Feed Item

Smartsheet Raises $35 Million to Extend Lead in Enterprise Work Management

Smartsheet, 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 the round.

Mark Mader, Chief Executive Officer at Smartsheet (Photo: Business Wire)

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 technology companies.

“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 organization."

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.”

About Smartsheet

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.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
SYS-CON Events announced today that Synametrics Technologies will exhibit at SYS-CON's 22nd International Cloud Expo®, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Synametrics Technologies is a privately held company based in Plainsboro, New Jersey that has been providing solutions for the developer community since 1997. Based on the success of its initial product offerings such as WinSQL, Xeams, SynaMan and Syncrify, Synametrics continues to create and hone inn...
"We started a Master of Science in business analytics - that's the hot topic. We serve the business community around San Francisco so we educate the working professionals and this is where they all want to be," explained Judy Lee, Associate Professor and Department Chair at Golden Gate University, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
DevOps promotes continuous improvement through a culture of collaboration. But in real terms, how do you: Integrate activities across diverse teams and services? Make objective decisions with system-wide visibility? Use feedback loops to enable learning and improvement? With technology insights and real-world examples, in his general session at @DevOpsSummit, at 21st Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, explored how leading organizations use data-driven DevOps to close th...
"I focus on what we are calling CAST Highlight, which is our SaaS application portfolio analysis tool. It is an extremely lightweight tool that can integrate with pretty much any build process right now," explained Andrew Siegmund, Application Migration Specialist for CAST, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"Evatronix provides design services to companies that need to integrate the IoT technology in their products but they don't necessarily have the expertise, knowledge and design team to do so," explained Adam Morawiec, VP of Business Development at Evatronix, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
The 22nd International Cloud Expo | 1st DXWorld Expo has announced that its Call for Papers is open. Cloud Expo | DXWorld Expo, to be held June 5-7, 2018, at the Javits Center in New York, NY, brings together Cloud Computing, Digital Transformation, Big Data, Internet of Things, DevOps, Machine Learning and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding busin...
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...
There is a huge demand for responsive, real-time mobile and web experiences, but current architectural patterns do not easily accommodate applications that respond to events in real time. Common solutions using message queues or HTTP long-polling quickly lead to resiliency, scalability and development velocity challenges. In his session at 21st Cloud Expo, Ryland Degnan, a Senior Software Engineer on the Netflix Edge Platform team, will discuss how by leveraging a reactive stream-based protocol,...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
"Digital transformation - what we knew about it in the past has been redefined. Automation is going to play such a huge role in that because the culture, the technology, and the business operations are being shifted now," stated Brian Boeggeman, VP of Alliances & Partnerships at Ayehu, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
The dynamic nature of the cloud means that change is a constant when it comes to modern cloud-based infrastructure. Delivering modern applications to end users, therefore, is a constantly shifting challenge. Delivery automation helps IT Ops teams ensure that apps are providing an optimal end user experience over hybrid-cloud and multi-cloud environments, no matter what the current state of the infrastructure is. To employ a delivery automation strategy that reflects your business rules, making r...
Nordstrom is transforming the way that they do business and the cloud is the key to enabling speed and hyper personalized customer experiences. In his session at 21st Cloud Expo, Ken Schow, VP of Engineering at Nordstrom, discussed some of the key learnings and common pitfalls of large enterprises moving to the cloud. This includes strategies around choosing a cloud provider(s), architecture, and lessons learned. In addition, he covered some of the best practices for structured team migration an...
You know you need the cloud, but you're hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You're looking at private cloud solutions based on hyperconverged infrastructure, but you're concerned with the limits inherent in those technologies. What do you do?
As many know, the first generation of Cloud Management Platform (CMP) solutions were designed for managing virtual infrastructure (IaaS) and traditional applications. But that's no longer enough to satisfy evolving and complex business requirements. In his session at 21st Cloud Expo, Scott Davis, Embotics CTO, explored how next-generation CMPs ensure organizations can manage cloud-native and microservice-based application architectures, while also facilitating agile DevOps methodology. He expla...
No hype cycles or predictions of a gazillion things here. IoT is here. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, an Associate Partner of Analytics, IoT & Cybersecurity at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He also discussed the evaluation of communication standards and IoT messaging protocols, data...