Total amount raised
$16.5 Millions
Latest funding date
08/01/2020
Location
GRID has successfully raised funds through multiple rounds, including a Series A, Seed, and a grant, showcasing its ability to attract significant investment. The platform enhances traditional spreadsheets by adding advanced features that improve data visualization, collaboration, and integration with other tools.
Keep reading to explore the intricacies of GRID's fundraising journey and the investors backing this innovative platform.
What Is GRID?
GRID, founded on August 21, 2018, is a pioneering company in the fields of Artificial Intelligence, Data Visualization, Productivity Tools, and Software. Headquartered in Reykjavík, Iceland, GRID aims to revolutionize spreadsheet technology by integrating it with modern applications through a powerful independent spreadsheet engine.
The company was founded by Hjalmar Gislason and Thorsteinn Yngvi Gudmundsson. With a team of 11-50 employees, GRID focuses on complex calculations, dynamic visualizations, and seamless AI integration, bringing spreadsheets into the AI-first era.
How Much Funding Has GRID Raised?
- Angel Round
- Amount Raised: $1M
- Date: October 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To secure initial capital for product development and market entry.
- Grant
- Amount Raised: €71.4K
- Date: January 2019
- Lead Investors: EASME
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support specific projects or initiatives, likely related to research and development.
- Seed Round
- Amount Raised: $3.5M
- Date: March 2019
- Lead Investors: BlueYard Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Focused on initial product development, market validation, and early-stage growth.
- Series A
- Amount Raised: $12M
- Date: August 2020
- Lead Investors: New Enterprise Associates (NEA)
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To bring GRID's product to market and accelerate product development.
Total Amount Raised: $16.57M
Current Valuation: Not publicly disclosed
Key Investors
- New Enterprise Associates (NEA)
- Details: NEA is one of the world's largest and most active venture capital firms, with nearly $24 billion in cumulative committed capital since its founding in 1977. The firm invests in technology and healthcare companies at all stages, from seed stage through IPO.
- Investment Focus Areas: Technology, healthcare, enterprise software
- Notable Investments: Uber, Coursera, Robinhood
- BlueYard Capital
- Details: BlueYard Capital is a venture capital firm that typically invests in early-stage technology companies. The firm is known for its focus on transformative technologies and disruptive business models.
- Investment Focus Areas: Early-stage technology, transformative technologies, disruptive business models
- Notable Investments: Protocol Labs, Open Source
- Slack Fund
- Details: Slack Fund is a venture capital fund that invests in companies building on the Slack platform or enhancing workplace productivity. The fund aims to support innovative startups that can integrate with or complement Slack's ecosystem.
- Investment Focus Areas: Slack platform, workplace productivity, SaaS
- Notable Investments: Donut, Guru, Troops
- Acequia Capital (AceCap)
- Details: Acequia Capital is a venture capital firm that focuses on early-stage investments in technology startups. The firm is known for its hands-on approach and strong network in the tech industry.
- Investment Focus Areas: Early-stage technology, software, internet
- Notable Investments: GitHub, Heroku
- EASME
- Details: The Executive Agency for Small and Medium-sized Enterprises (EASME) is an agency of the European Commission that manages several EU programs aimed at supporting SMEs, innovation, and sustainability.
- Investment Focus Areas: SMEs, innovation, sustainability
- Notable Investments: Not publicly disclosed
What's Next for GRID?
GRID stands at the cusp of transforming data work by turning traditional spreadsheets into dynamic, interactive tools. With a robust $12 million Series A funding led by NEA, the company is poised to revolutionize data communication and reporting, leveraging existing spreadsheet skills to enhance productivity without disrupting workflows. This significant financial backing underscores the vast market potential and the growing demand for improved data visualization and collaboration tools.
Future fundraising opportunities seem promising, given the strong support from high-profile investors like NEA, BlueYard Capital, and Slack Fund. As GRID continues to scale its product, additional funding rounds could further accelerate its market reach and product development. However, the company may face challenges such as competing with established spreadsheet software and ensuring seamless integration with existing tools. Overcoming these hurdles will be crucial for GRID to maintain its growth trajectory and achieve its vision of revolutionizing data work.
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