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Sutter Hill Ventures leads $35m investment round for Smartsheet

6 May 2014

SaaS developer Smartsheet has closed a new round of financing of $35m led by Palo Alto-based Sutter Hill Ventures.

The financing will fuel the expansion of the spreadsheet-inspired tool and capitalises on the momentum of wide-scale adoption, especially within large enterprises, the company said. Previous investors Insight Venture Partners and Madrona Venture Group, also participated in the round.

Over the past year, Smartsheet increased its enterprise customer base by five times, which includes many of the world’s industry-leading organizations such as Google, The U.S. General Services Administration (GSA), Netflix, Office Depot, Groupon, Intercontinental Hotels Group, Pearson, Unisource, Oceaneering, McGraw-Hill Education, Bucknell University, Ecova, Extreme Networks, Red Hat, WestEd, and Wargaming.net. Smartsheet funding now totals $70m.

“We are looking for companies that offer ‘consumer-like’ apps but have the power of enterprise solutions for solving real-world business problems,” said Jim White, managing director at Sutter Hill Ventures. “Smartsheet has the simplicity of a spreadsheet but the power of a database, project management and collaboration solution tied together. The viral nature and deep usage within enterprises is being proven out with their impressive roster of customers.”

As part of the financing, White will join the Smartsheet board of directors. He currently serves on the boards at global brands Shutterfly and Glassdoor.com and has been named to the Forbes Midas List several times for his success in investing in disruptive technology companies.

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