Coefficient, the company that turns business users into builders with real-time data connectivity and spreadsheet automation, today announced an $ 18 million Series A investment led by Battery Ventures, the global technology investment company, together. to existing investors Foundation Capital and S28 Capital. The new financing will allow Coefficient, whose product is currently used by customers including Zendesk, Spotify, Foursquare, Contentful and Miro, to expand its product offering and expand its global operations.
Today, over a billion users around the world leverage spreadsheets to generate data-driven reports, dashboards, and insights. Data is a critical component of workflows within an organization, for both technical and non-technical employees. However, spreadsheets have remained essentially unchanged for decades, with no connectivity to the systems where the data resides.
Coefficient co-founders Navneet Loiwal and Tommy Tsai saw the opportunity to create data and report automation tools for the business user that make existing spreadsheets smarter by providing real-time, systems-automated data connectivity they use every day.
“Business users are more effective in spreadsheets than almost any other product. However, these non-technical business teams today are often forced to resort to archaic methods of data management: request frequent updates from technical data teams or export raw data from BI or CRM dashboards to perform repeated manual analysis, “said Loiwal, co. – Founder and CEO. “We want to enable business users to continue working in spreadsheet formats while leveraging real-time automated data from their most important systems.”
Loiwal continued: “Our smart spreadsheet tools are the missing piece of the puzzle in the modern data stack: meeting business users exactly where they are and enabling business leaders and their teams to operate more efficiently and effectively. “.
Coefficient’s core product today is a Google Sheets add-on that integrates with CRM, SQL databases, and other SaaS tools to allow business users to import and manipulate data within spreadsheets. Users can also create, share and automate reports in real time, set alerts and even rewrite enriched data on different SaaS tools. Coefficient’s products not only help transform data into insights, but enable users to share what they have built within the organization, fueling innovation and informing critical business decisions. The company also announced plans to use the funding to integrate Coefficient data and relationship automation tools with Microsoft Excel, expanding access to millions of additional users.
“Coefficient has enabled our teams to independently manage data in a way that wasn’t previously possible. We have been able to connect our business teams to real-time data where they are most effective, in their spreadsheet, ”added Amit Das, Senior Director of Business Intelligence at Klaviyo, a Coefficient customer.
Also announced today, Coefficient will expand its product offering to include the company’s new Spreadsheet Template Gallery, which provides users with predefined spreadsheet dashboards for common reports used by corporate operations teams. Coefficient users will be able to connect these dashboards to existing data systems, such as Salesforce or HubSpot, to allow real-time data to feed all charts and KPIs within spreadsheets.
Coefficient has seen rapid growth since its launch, with revenue growth of 400% so far in 2022, with a product-driven growth model. The company plans to increase headcount both remotely and in the San Francisco Bay Area as it continues to grow.
“We are excited to partner with Navneet, Tommy and the Coefficient team to take their intelligent spreadsheet automation platform to the next level,” said Neeraj Agrawal, a general partner of Battery Ventures. “It is a testament to the craftsmanship of the Coefficient team’s product that users become evangelists, promoting the use of the product throughout the organization.”
“Every BI platform promises data democratization, but none deliver results,” added Sudheendra Chilappagari, vice president of Battery Ventures. “Business users are analytically insightful but lack the technical skills to work with data platforms and the Coefficient team understands this well. The Coefficient platform brings the concepts of BI and data automation to business users by meeting them where they live: within spreadsheets. “
Building on its A Series, Coefficient is hosting a Spreadsheet Escape Room with a $ 2,000 prize for bringing “fun” back into function. The Spreadsheet Escape Room is a series of puzzles in an interactive Google Sheet that anyone can solve. The five fastest times will qualify for a live streaming competition with a brand new escape room, with the winner taking home $ 2,000 – try the Escape Room now.
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