Work management company Smartsheet receives $35 million in funding
Smartsheet, a collaborative work management company has raised $35 million in funding led by Sutter Hill Ventures with participation from Insight Venture Partners and Madrona Venture Group. Sutter Hill managing director Jim White is joining Smartsheet’s board of directors. Smartsheet is used by more than 42,000 paying organizations and millions of users across the world.
This round of funding will be used for the expansion of its spreadsheet tool and for adoption within large enterprises. Smartsheet has now raised a total of $70 million in funding. Some of its customers include Google, Netflix,Groupon, Office Depot, Pearson, McGraw-Hill, and Red Hat.
“We believe there’s a fundamental shift occurring in how technology influences how work gets done in organizations,” stated Mark Mader, president and CEO of Smartsheet. “While Smartsheet was cash-flow positive in March, the success and opportunity we see with enterprise customers makes additional investment a clear choice.”