The nearly 12-year-old company will use some of the funding to expand an internal team that helps clients get the most out of Smartsheet’s project-management software.
Smartsheet, a Bellevue builder of project-management software, announced it has raised $52.1 million from investors to continue developing products that help workers automate their days.
The company, which is now nearly 12 years old, has more than 550 employees in Bellevue and Boston (with more than 500 of those workers in Bellevue). The company’s total will likely increase to 750 by the end of the year, CEO Mark Mader said.
Smartsheet has now raised more than $120 million from investors, including a $35 million round in spring 2014.
Part of the newest funding will go toward expanding an internal team that helps clients get the most use out of Smartsheet’s products, Mader said.
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“We are now serving a class of enterprise who are hungry to find out how to most optimally deploy and take advantage of our platform,” he said. Smartsheet has nearly 70,000 clients.
The company’s cloud-based technology works similar to spreadsheets, but instead of helping people crunch numbers, they serve to automate workflow to save workers’ time and to allow teams to work easily together.
Smartsheet has considered going public in the past, something Mader views as another way to raise financing. Because it just closed a funding round, however, an IPO isn’t something the company is thinking about immediately, he said.
Smartsheet is not yet profitable, Mader said, but it’s on track to reach $100 million in revenue this year.
The Series F funding round announced Wednesday was led by Insight Venture Partners, with participation from Madrona Venture Group, Sutter Hill Ventures and Summit Partners.