Total amount raised
$3.4 Billion
Latest funding date
9/1/2024
Location
Smartsheet has successfully raised funding over 9 rounds, with the latest being a Post-IPO Debt round. The company is backed by 28 investors, including Benefit Street Partners and Teachers’ Venture Growth.
Smartsheet's journey includes its acquisition by Vista Equity Partners and a series of strategic acquisitions, such as Brandfolder. Keep reading to explore the intricacies of Smartsheet's fundraising journey and the investors backing this innovative platform.
What Is Smartsheet?
Smartsheet, headquartered in Bellevue, Washington, is a cloud-based work management platform that empowers collaboration, drives better decision-making, and accelerates innovation. The company operates in the Cloud Management, Enterprise, SaaS, and Software industries.
Founded by an undisclosed team, Smartsheet has grown to employ between 1001 and 5000 people. The platform is trusted by over 85% of Fortune 500 companies for its enterprise-grade security and extensive integration capabilities.
How Much Funding Has Smartsheet Raised?
- Series A
- Amount Raised: USD 4,367,000
- Date: June 2007
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial version of the platform and establish a market presence.
- Series B
- Amount Raised: USD 1,250,000
- Date: January 2009
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the platform's features and increase user acquisition.
- Series C
- Amount Raised: USD 2,500,000
- Date: September 2012
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product development and scale operations.
- Series D
- Amount Raised: USD 26,000,000
- Date: December 2012
- Lead Investors: Insight Partners, Madrona
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and expand market reach.
- Series E
- Amount Raised: USD 34,999,995
- Date: May 2014
- Lead Investors: Sutter Hill Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support product innovation and increase market penetration.
- Series F
- Amount Raised: USD 52,100,000
- Date: May 2017
- Lead Investors: Insight Partners
- Valuation at Round: USD 800,000,000 pre-money
- Motivation Behind the Round: To accelerate investments in product development, sales, marketing, and infrastructure.
- Post-IPO Equity
- Amount Raised: USD 30,995,632
- Date: September 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing growth and operational expansion.
- Private Equity
- Amount Raised: Not publicly disclosed
- Date: September 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity and support strategic initiatives.
- Post-IPO Debt
- Amount Raised: USD 3,200,000,000
- Date: September 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To refinance existing debt and fund future growth opportunities.
Total Amount Raised: USD 3,404,212,627. Current Valuation: Not publicly disclosed.
Key Investors
- Insight Partners
- Details: Insight Partners is a 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.
- Madrona Venture Group
- Details: Madrona Venture Group is a venture capital firm that invests in early-stage technology companies, primarily in the Pacific Northwest. Founded in 1995, it manages approximately $1.3 billion.
- Investment Focus Areas: Early-stage technology companies, cloud, consumer software and services, enterprise software and services, digital media, artificial intelligence.
- Notable Investments: Amazon, Apptio, Rover.com, Redfin.
- Sutter Hill Ventures
- Details: Sutter Hill Ventures is a venture capital firm based in Palo Alto, California, specializing in financing technology-based start-ups. The firm provides expertise in strategy, business development, and financing strategies.
- Investment Focus Areas: Technology-based start-ups, strategy, business development, financing strategies.
- Notable Investments: Pure Storage, Snowflake, Sumo Logic.
- Summit Partners
- Details: Summit Partners is a global alternative investment firm founded in 1984. It currently invests more than $9.5 billion into growth equity, fixed income, and public equity opportunities.
- Investment Focus Areas: Technology, healthcare, life sciences, growth industries.
- Notable Investments: Uber, Avast, Infor.
- Benefit Street Partners
- Details: Benefit Street Partners is a leading credit-focused alternative asset management firm. It provides flexible capital solutions to middle-market companies.
- Investment Focus Areas: Credit, middle-market companies, flexible capital solutions.
- Notable Investments: Not publicly disclosed.
What's Next for Smartsheet?
Smartsheet stands at the cusp of significant opportunities, driven by the rapid growth of the enterprise collaboration market. With the market expected to reach $25 billion by 2020, Smartsheet is well-positioned to capitalize on this trend by accelerating investments in product development, sales, and marketing. The platform's integration with popular business systems and cloud applications further enhances its appeal, promising substantial growth potential.
Future fundraising opportunities appear promising as Smartsheet continues to demonstrate strong financial performance and market demand. The company may attract additional investments to support its expansion and enhance its platform capabilities. However, challenges such as managing the complexity of integrating multiple applications and staying ahead of competitors like Asana and Basecamp could pose hurdles. Ensuring continued innovation and meeting the evolving needs of enterprise users will be crucial for Smartsheet's sustained success.
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