Eastside tech company Smartsheet, a leader in the production of cloud-based and collaborative project-management software, announced today it has raised $52.1 million to help expand its reach into the enterprise collaboration software market.
It is the latest fund-raising achievement for a company that has netted more than $113 million since 2012 (notably, $35 million in 2014; $26 million in 2012; and $52.1 million this year), and more than $120 million since it was founded in 2006.
Experts anticipate this sector of the software industry will grow by nearly one-third over the next four years, and reach a marketplace value of $25 billion by 2020.
“Enterprises have long invested in cloud-based applications that enable them to author, store, and communicate about work. But the value of intentionally managing and automating collaborative work has largely gone unrealized,” said Smartsheet CEO Mark Mader in a press release. “This additional funding will enable Smartsheet to further unlock this value for teams, helping people and organizations embrace the volume and velocity of today’s work to drive innovation and build a distinct competitive advantage.”
Smartsheet’s software is used by almost 70,000 customers, including Google, Hilton, NBC Universal, Netflix, Salesforce, Sony Music, Weyerhaeuser, and many Fortune 500 companies. Smartsheet was recently added to the Forbes Cloud 100 list of the world’s best cloud companies.
“Collaborative work management is now recognized as a key component of modern enterprise strategy, as companies look to move beyond the limitations of legacy tools,” said Insight Venture Partners managing director Ryan Hinkle in a press release. “Since our initial investment with Smartsheet, we have seen an incredible amount of development and growth behind their capabilities. We are committed to continuing this acceleration so that more companies can benefit from the unique value of Smartsheet.”
Smartsheet employs more than 550 people, and has offices in Bellevue and Boston.