Total amount raised
$24.7 Millions
Latest funding date
11/01/2022
Location
Coefficient has successfully raised $18 million in Series A funding, marking a significant milestone in its financial journey. The company specializes in real-time data connectivity, automation, and workflow tools for spreadsheets, catering to a wide range of business needs.
Keep reading to explore the intricacies of Coefficient's fundraising journey and the investors backing this innovative platform.
What Is Coefficient?
Coefficient, founded in 2020 by Navneet Loiwal and Tommy Tsai, is a software company based in San Mateo, California. The company specializes in real-time data connectivity, automation, and workflow tools for spreadsheets, transforming them into an operating system for business teams.
Operating in industries such as analytics, productivity tools, SaaS, and software, Coefficient serves over 500,000 users and is trusted by more than 50,000 companies. The company has an employee count ranging from 11 to 50, focusing on integrating Google Sheets with various source systems to ensure up-to-date reports, dashboards, and insights.
How Much Funding Has Coefficient Raised?
- Pre-Seed Round
- Amount Raised: Not publicly disclosed
- Date: June 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their real-time data connectivity and automation tools.
- Seed Round
- Amount Raised: $6.7M
- Date: October 2021
- Lead Investors: Foundation Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product offerings and scale operations.
- Series A Round
- Amount Raised: $18M
- Date: November 2022
- Lead Investors: Battery Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product offerings, scale global operations, and integrate with Microsoft Excel.
Total Amount Raised: $24.7M. Current Valuation: Not publicly disclosed.
Key Investors
- Battery Ventures
- Details: Battery Ventures is a global, technology-focused investment firm that partners with founders and management teams to develop category-defining businesses. Founded in 1983, the firm operates globally with offices in Boston, San Francisco, Menlo Park, New York, London, and Tel Aviv.
- Investment Focus Areas: Software, infrastructure, consumer technology, industrial technology, healthcare IT.
- Notable Investments: Not publicly disclosed.
- Foundation Capital
- Details: Foundation Capital is a venture capital firm that invests in early-stage companies across various sectors. The firm aims to support entrepreneurs in building impactful and enduring companies.
- Investment Focus Areas: Consumer, information technology, financial technology.
- Notable Investments: Not publicly disclosed.
- S28 Capital
- Details: S28 Capital is an early-stage venture capital firm that invests in technology startups. The firm focuses on helping companies grow from seed to Series A and beyond.
- Investment Focus Areas: Technology startups, software, enterprise solutions.
- Notable Investments: Not publicly disclosed.
What's Next for Coefficient?
Coefficient's future looks promising as it plans to expand its product offerings, including integration with Microsoft Excel and launching a Spreadsheet Template Gallery. These initiatives aim to tap into a vast market of over one billion spreadsheet users, presenting significant growth opportunities.
With a successful Series A round and a 400% increase in revenue in 2022, Coefficient is well-positioned for future fundraising to further scale its operations and product development. However, the company may face challenges such as competition from other data automation tools and ensuring seamless integration with various data systems.
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