Total amount raised
$24.7 Million
Latest funding date
11/01/2022
Location
Coefficient has successfully raised funding over three rounds, with the latest being a Series A round involving investors such as Battery Ventures and S28 Capital. The platform specializes in real-time data connectivity, automation, and workflow tools for spreadsheets, offering live connections to over 100 business systems and two-way syncing capabilities.
Keep reading to explore the intricacies of Coefficient's fundraising journey and the investors backing this innovative platform.
What Is Coefficient?
Coefficient is a software company based in San Mateo, California, specializing in real-time data connectivity, automation, and workflow tools for spreadsheets. The company operates in the industries of Analytics, Productivity Tools, SaaS, and Software.
With an employee count ranging from 11 to 50, Coefficient provides data connectors for Google Sheets and Excel, enabling users to connect their spreadsheets to over 100 business systems. The platform offers features like two-way syncing, automatic data refreshes, and scheduled alerts, all powered by AI.
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 Coefficient's core technology and initial product offerings.
- Seed Round
- Amount Raised: USD 6,700,000
- Date: October 2021
- Lead Investors: Foundation Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and accelerate product development, particularly focusing on enhancing data connectivity features.
- Series A Round
- Amount Raised: USD 18,000,000
- 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 tools with Microsoft Excel.
Total Amount Raised: USD 24,700,000. Current Valuation: Not publicly disclosed.
Key Investors
- Battery Ventures
- Details: Battery Ventures is a global technology 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 and services, enterprise infrastructure, consumer tech, healthcare IT, industrial technology, life-science tools.
- Notable Investments: Not publicly disclosed.
- Foundation Capital
- Details: Foundation Capital is a venture capital firm that has been investing in early-stage companies for over 25 years. The firm focuses on helping entrepreneurs build successful businesses from the ground up.
- Investment Focus Areas: Not publicly disclosed.
- Notable Investments: Not publicly disclosed.
- S28 Capital
- Details: S28 Capital is a venture capital firm that invests in early-stage technology companies. The firm aims to support innovative startups with the potential for significant growth.
- Investment Focus Areas: Not publicly disclosed.
- Notable Investments: Not publicly disclosed.
What's Next for Coefficient?
Coefficient's future looks promising as it plans to expand its product offerings to include integration with Microsoft Excel, tapping into a vast user base. The introduction of a Spreadsheet Template Gallery for pre-made dashboards also presents a significant growth opportunity, potentially increasing user engagement and satisfaction.
With a 400% revenue increase in 2022, Coefficient is well-positioned for future fundraising rounds to support its ambitious expansion plans. However, the company may face challenges such as competition from other data automation tools and the need to ensure seamless integration with various CRMs and databases.
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