Today, we’re thrilled to announce an exciting development for Smartsheet and our customers. Led by Insight Venture Partners with participation from existing partner Madrona Venture Group, Smartsheet has secured an additional $26 million dollars of capital.
Why raise capital?
Fair question. Even with our increased buildout in R&D, Marketing, and Service over the past two years, Smartsheet had reached cash flow positive. Our objective: invest even faster to bring a more capable Smartsheet collaboration platform to millions more people and organizations around the world.
We’re proud of our more than 20,000 paying customers in over 100 countries. From our most passionate small businesses owners, to the household name Fortune 500, to our federal government customers seeking to transform how work gets done -- we thank each of you and look forward to expanding a vibrant Smartsheet community.
Improve and expand – across all fronts. The most visible will be improvements to the service itself. Enhancements, new features, expanded native mobile capabilities, integrations to more web services, and expansion of the Smartsheet API, will enable support for diverse workflows new possibilities for collaboration.
Beyond product enhancements, it’s time to put the pedal down on growth. More than a billion people use spreadsheets to manage work and projects, which signifies there’s certainly a huge, ready-made opportunity for Smartsheet.
And that acceleration means our team will grow. We’re looking to triple our size in 18 months - not by adding talented folks, but the most-talented folks who can help us drive and shape Smartsheet into the leader in work collaboration.