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Smartsheet, which provides a Software as a Service (SaaS) to help businesses better manage and automate their productivity tools, today announced funding of $52.1 million in a round led by Insight Venture Partners.
Businesses use Smartsheet to assign tasks, track project progress, manage calendars, share documents, and manage other types of work. The service integrates with various business systems and cloud applications, such as Atlassian, Box, and Salesforce, to enable seamless data sharing.
According to Smartsheet CEO Mark Mader, nearly 70,000 customers use the platform, including Netflix, NBC Universal, Sony Music, and Comcast. The SaaS licenses are sold on a per user basis, ranging from $14 to $25, depending on the extent and type of deployment.
Other work management tools include Trello, Asana, and Microsoft’s Office 365 Planner.
New investor Summit Partners joined Insight Venture Partners in today’s round, with existing investors Madrona Venture Group and Sutter Hill Ventures also participating. This brings Smartsheet’s total investment raised to $120.5 million, with a current valuation of $852 million, according to the startup. The new capital will be used for sales and marketing, international expansion, and engineering work.
“We will also build out our consulting services for enterprise-class customers who would like support in identifying opportunities for automation and greater efficiency using our platform,” wrote Mader in an email to VentureBeat.
Founded in 2006, the Bellevue, Washington-based startup currently has 550 employees.
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