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Insight Venture, Madrona Venture make $26m Smartsheet investment

4 Dec 2012

Insight Venture Partners and Madrona Venture Group have invested $26m in online project collaboration provider Smartsheet.

The company said it would use the capital to boost its sales and marketing efforts, develop software and expand its partnerships.

Insight principal Ryan Hinkle will join the Smartsheet board as part of the investment.

He said, “Insight is a big user of Smartsheet and one of the more than 20,000 organizations who organically discovered and benefits from the work collaboration that Smartsheet provides.

“Our own experience using Smartsheet, along with market dynamics, convinced us of Smartsheet’s tremendous growth potential and the opportunity it has to be a leading global provider of team-based collaboration products.”

In September UK growth equity firm Scottish Equity Partners (SEP) and SME-focused Business Growth Fund (BGF) led a £20m investment in SkyDox, a provider of cloud-enabled document collaboration software for the enterprise sector.

Insight’s last reported investment was leading a $62m Series C round for Mimecast, a UK-based supplier of cloud-based email archiving, security and continuity for Microsoft Exchange and Office 365, in September.

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