Better productivity through spreadsheets: SmartSheet raises $1.5M

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document cubicleSmartsheet, a company offering spreadsheet-style applications for tasks like project management and billing, has raised $1.5 million in a third round of funding.

The Bellevue, Wash. company offers a long list of spreadsheets (it calls them “smartsheets”, naturally) to its customers, with additions last year such as sales and outsourcing. According to a company blog post from July, the most-used sheet is for project management, but “a good percentage of our customers begin using Smartsheet for one category and quickly expand to the others.”

Smartsheet says it is already cashflow positive and that the new funding should help it build on its momentum. One of the company’s main distribution strategies is through business application marketplaces like the Google Apps Marketplace, where Smartsheet currently has the top-rated (but not most-downloaded) app. Smartsheet apps are also offered in VMware, Amazon, and Intuit marketplaces, with Jive and Salesforce coming soon.

The company has now raised more than $7 million in funding. Previous investor Madrona Ventures Group led the new round.
smartsheet project management

[top image via Flickr/Ed Bierman]

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