Spanish SaaS application that enables spreadsheet users to automate their work building workflows, Sheetgo has raised $2 million in funding to focus on increasing the commercial presence of its product and scale its customer base. The round was led by Bewater Funds and saw the participation of Bharat Mediratta, ex CTO of Dropbox; Jason Kurtz, senior advisor of Accel-KKR and ex-executive of SAP Ariba and renowned Seattle based investor Rajeev Singh-Morales, co-founder of Alma Mundi Ventures
With more than 3.5 million downloads on Google Workspace Marketplace alone, the Madrid-based helps managers to create simple, automated solutions by providing a single application that connects critical data from spreadsheets (Sheets, Excel and csv) found in Google, Microsoft and Dropbox environments. The platform enables heads of department to innovate internally without needing intervention from IT departments or to integrate additional technology.
Following the company’s restructuring, the startup will now focus on its ‘beyond spreadsheets‘ product release, a more customer-centric and proactive commercialisation, third party security certification for its bigger clients base, and closer collaboration with its existing tech partners.
Talking about the new investment, founder Yannick L. Rault van der Vaart said: “This investment, along with a strict focus on operations, will get us into the necessary growth mode to tackle the underserved no code market of the one billion Google Workspace and Microsoft Office users that need help to automate no code processes eliminating IT and engineering involvement.”
François Derbaix, co-founder of Bewaterfunds and Indexa Capital added: “Bewater Funds and Sheetgo have forged a solid relationship over the years and as soon as Sheetgo met the ´Rule of 40´ - when a SaaS company's growth rate and profit margin adds up to 40% or more. It was a no brainer decision to work together.”