Total amount raised
$3.4 Billions
Latest funding date
9/1/2024
Location
Smartsheet has successfully raised significant capital through multiple funding rounds, securing a robust financial foundation for its growth. The platform offers a comprehensive suite of project and work management tools designed to enhance productivity and collaboration.
Continue reading to delve into the details of Smartsheet's funding journey and discover the key investors supporting this dynamic platform.
What Is Smartsheet?
Smartsheet, founded in 2005, is a versatile work management platform designed to streamline project management and automate workflows. The company is headquartered in Bellevue, Washington, and was co-founded by Brent Frei, Eric Browne, John Creason, and Maria Colacurcio.
Smartsheet's platform is tailored to meet the needs of various industries, offering features such as project management, team collaboration, and workflow automation. It integrates seamlessly with other tools, making it a comprehensive solution for both small teams and large enterprises.
With a growing workforce, Smartsheet continues to expand its capabilities, supporting over 2,000 employees who are dedicated to enhancing productivity and collaboration for businesses worldwide.
How Much Funding Has Smartsheet Raised?
- Series A
- Amount Raised: $4.4M
- Date: June 2007
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial product and establish a market presence.
- Series B
- Amount Raised: $1.3M
- Date: January 2009
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the product features and grow the user base.
- Series C
- Amount Raised: $2.5M
- Date: September 2012
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance platform capabilities and increase market penetration.
- Series D
- Amount Raised: $26M
- Date: December 2012
- Lead Investors: Insight Partners, Madrona
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and accelerate growth.
- Series E
- Amount Raised: $35M
- Date: May 2014
- Lead Investors: Sutter Hill Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product development and market reach.
- Series F
- Amount Raised: $52.1M
- Date: May 2017
- Lead Investors: Insight Partners
- Valuation at Round: $800M pre-money
- Motivation Behind the Round: To accelerate investments in product development, sales, and marketing.
- Post-IPO Equity
- Amount Raised: $31M
- Date: September 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing growth and expansion efforts.
- Post-IPO Debt
- Amount Raised: $3.2B
- Date: September 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To strengthen financial stability and fund strategic initiatives.
- Private Equity Round
- Amount Raised: Not publicly disclosed
- Date: September 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To secure additional capital for future growth opportunities.
Smartsheet has raised a total of $3.35B in funding. The current valuation is Not publicly disclosed.
Key Investors
- Insight Partners
- Details: Insight Partners is a global private equity and venture capital firm that invests in high-growth technology and software companies. Founded in 1995, it has raised more than $13 billion and invested in over 280 companies worldwide.
- Investment Focus Areas: High-growth technology, software companies.
- Notable Investments: Twitter, Shopify, DocuSign.
- Madrona Venture Group
- Details: Madrona Venture Group is an early-stage venture capital firm based in the Pacific Northwest. It invests predominantly in seed and Series A rounds across the information technology spectrum.
- Investment Focus Areas: Cloud, consumer software and services, enterprise software and services, digital media, artificial intelligence.
- Notable Investments: Amazon, Apptio, Redfin.
- Sutter Hill Ventures
- Details: Sutter Hill Ventures is a venture capital firm based in Palo Alto, California, specializing in financing technology-based startups. They have significant experience in strategy, business development, and financing strategies.
- Investment Focus Areas: Technology-based startups, strategy, business development.
- Notable Investments: Pure Storage, Snowflake, Sumo Logic.
- Summit Partners
- Details: Summit Partners is a global alternative investment firm founded in 1984. It provides growth equity, fixed income, and public equity opportunities across various sectors.
- Investment Focus Areas: Technology, healthcare, life sciences, growth industries.
- Notable Investments: Uber, Avast, McAfee.
- Insight Venture Partners
- Details: Insight Venture Partners is a leading global private equity and venture capital firm investing in high-growth technology and software companies. Founded in 1995, it has raised more than $13 billion and invested in over 280 companies worldwide.
- Investment Focus Areas: High-growth technology, software companies.
- Notable Investments: Twitter, Shopify, DocuSign.
What's Next for Smartsheet?
Smartsheet stands at the cusp of significant opportunities, driven by the rapid growth of the enterprise collaboration market, which is expected to reach $25 billion by 2020. With a robust platform already used by millions of information workers and 69,000 brands, the company is well-positioned to capitalize on this trend. The recent $52.1 million funding round will enable Smartsheet to accelerate investments in product development, sales, and marketing, further expanding its market reach and enhancing its platform capabilities.
Future fundraising opportunities appear promising as the demand for collaborative work management solutions continues to rise. Smartsheet's impressive growth trajectory and increasing market penetration suggest that additional funding rounds could be on the horizon to support further expansion and innovation. However, the company will need to navigate challenges such as intense competition from other collaboration tools and the complexity of integrating various applications to maintain its competitive edge.
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