Smartsheet raises $52.1 million in series F round to bolster enterprise collaboration
Smartsheet, a software as a service (SaaS) collaboration platform based in Washington, has raised $52.1 million (£40.2m) in series F funding.
The company said the capital will be used to accelerate product, sales, marketing and infrastructure to support its platform ‘building upon an already solid financial position with low cash burn’.
Smartsheet’s product enables enterprise-wide collaboration through file sharing, alerts and reminders to enable ‘all notes, comments, files, and information in one centralised location accessible across any browser, device and operating system’, as the company puts it.
“Enterprises have long invested in cloud-based applications that enable them to author, store, and communicate about work. But the value of intentionally managing and automating collaborative work has largely gone unrealised,” said Mark Mader, CEO of Smartsheet. “This additional funding will enable Smartsheet to further unlock this value for teams, helping people and organisations embrace the volume and velocity of today’s work to drive innovation and build a distinct competitive advantage.”
"One of the biggest hurdles to employee efficiency is the growing number of applications required to get work done. This includes a complex web of collaboration, productivity and business applications, which often don't connect to each other," said Alan Lepofsky, VP and Principal Analyst at Constellation Research.
"As the market evolves, an entirely new category of collaboration solutions is needed that organizes work, not just tasks, providing structure and accountability across the vast array of things people have to work on. Collaborative Work Management applications enable organizations to reduce the noise so people can focus on the important work that needs to get done."