Smartsheet.com Adds $1.25 Million Series B Financing

Madrona Venture Group and Chairman Brent Frei Increase Stakes

BELLEVUE, Wash. – January 15, 2009 – Bellevue-based Smartsheet.com, a SaaS-based work management tool, announced the completion of its $1.25 million Series B round of financing led by the Madrona Venture Group along with Smartsheet.com Executive Chairman Brent Frei.

In less than 3 years, Smartsheet.com has registered more than 65,000 users across more than 30 countries. This latest round of investment enables Smartsheet.com to continue to expand its outreach to its focused markets as well as dedicate resources to continued development and improvements of its award-winning product.

“Smartsheet.com is a rapidly growing and capital efficient SaaS company that we are pleased to continue partnering with,” said Matt McIllwain from Madrona Venture Group. “Smarsheet.com has proven they have the talent to tackle these challenges with impressive results. In these economic times, companies are looking for cost-effective ways to do more with less and more easily get things done.”

”There’s no better investment in today’s economy than in your own team," said Brent Frei, Executive Chairman of Smartsheet.com. "And, there’s no better time to invest in productivity tools that have been proven to help companies of any type do more with less. We've woven a tight fabric of task management, file sharing, discussions and in the near future – crowdsourcing, into one elegant service. Given these times when knowledge workers need to do more with less, people are looking for a cost effective edge to managing and executing work. We’re in the right place at the right time.”