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
"We're here to tell the world about our cloud-scale infrastructure that we have at Juniper combined with the world-class security that we put into the cloud," explained Lisa Guess, VP of Systems Engineering at Juniper Networks, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"I will be talking about ChatOps and ChatOps as a way to solve some problems in the DevOps space," explained Himanshu Chhetri, CTO of Addteq, in this SYS-CON.tv interview at @DevOpsSummit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, will examine the regulations and provide insight on how it affects technology, challenges the established rules and will usher in new levels of diligence...
SYS-CON Events announced today that SkyScale will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. SkyScale is a world-class provider of cloud-based, ultra-fast multi-GPU hardware platforms for lease to customers desiring the fastest performance available as a service anywhere in the world. SkyScale builds, configures, and manages dedicated systems strategically located in maximum-securit...
"We are an IT services solution provider and we sell software to support those solutions. Our focus and key areas are around security, enterprise monitoring, and continuous delivery optimization," noted John Balsavage, President of A&I Solutions, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Your homes and cars can be automated and self-serviced. Why can't your storage? From simply asking questions to analyze and troubleshoot your infrastructure, to provisioning storage with snapshots, recovery and replication, your wildest sci-fi dream has come true. In his session at @DevOpsSummit at 20th Cloud Expo, Dan Florea, Director of Product Management at Tintri, provided a ChatOps demo where you can talk to your storage and manage it from anywhere, through Slack and similar services with...
The financial services market is one of the most data-driven industries in the world, yet it’s bogged down by legacy CPU technologies that simply can’t keep up with the task of querying and visualizing billions of records. In his session at 20th Cloud Expo, Karthik Lalithraj, a Principal Solutions Architect at Kinetica, discussed how the advent of advanced in-database analytics on the GPU makes it possible to run sophisticated data science workloads on the same database that is housing the rich...
SYS-CON Events announced today that Calligo has been named “Bronze Sponsor” of SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Calligo is an innovative cloud service provider offering mid-sized companies the highest levels of data privacy. Calligo offers unparalleled application performance guarantees, commercial flexibility and a personalized support service from its globally located cloud platfor...
"We want to show that our solution is far less expensive with a much better total cost of ownership so we announced several key features. One is called geo-distributed erasure coding, another is support for KVM and we introduced a new capability called Multi-Part," explained Tim Desai, Senior Product Marketing Manager at Hitachi Data Systems, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
DevOps at Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to w...
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,...
"At the keynote this morning we spoke about the value proposition of Nutanix, of having a DevOps culture and a mindset, and the business outcomes of achieving agility and scale, which everybody here is trying to accomplish," noted Mark Lavi, DevOps Solution Architect at Nutanix, in this SYS-CON.tv interview at @DevOpsSummit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"DX encompasses the continuing technology revolution, and is addressing society's most important issues throughout the entire $78 trillion 21st-century global economy," said Roger Strukhoff, Conference Chair. "DX World Expo has organized these issues along 10 tracks with more than 150 of the world's top speakers coming to Istanbul to help change the world."
DX World EXPO, LLC., a Lighthouse Point, Florida-based startup trade show producer and the creator of "DXWorldEXPO® - Digital Transformation Conference & Expo" has announced its executive management team. The team is headed by Levent Selamoglu, who has been named CEO. "Now is the time for a truly global DX event, to bring together the leading minds from the technology world in a conversation about Digital Transformation," he said in making the announcement.
SYS-CON Events announced today that Massive Networks will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Massive Networks mission is simple. To help your business operate seamlessly with fast, reliable, and secure internet and network solutions. Improve your customer's experience with outstanding connections to your cloud.