Summary List Placement
No-code spreadsheet startup Rows has raised a $16 million Series B funding round led by Lakestar.
Formerly known as Dashdash, Rows previously raised funding from Lakestar in March 2020 and says it has taken advantage of investor interest to continue scaling its product. “COVID-19 has accelerated our product because people working remotely want to feel more productive,” Rows CEO Humberto Ayres Pereira told Insider.
Founded in 2016, Rows provides easy-to-use spreadsheets which the company believes will disrupt an industry dominated by Google Sheets and Microsoft Excel. The startup spent 2020 adding increased functionality to the platform and will continue to scale its offering as it launches its public beta today. Moving from its private beta to public helps bring some 10,000 customers from its waitlist onto the platform.
Existing investors Accel and Cherry Ventures also joined the round which takes Rows to $25 million in overall funding. “It was quite an informal process,” Pereira added. “We’ve worked with Lakestar for a while and they know the product conversations continued to scale up again after the March round.”
Rows will use the funding to hire in more senior positions across its two offices in Porto and Berlin. Another key addition will be an increased focus on sharing. Pereira said that the ability to search for best-in-class spreadsheets would be key to strengthening the product’s “community aspect” something he believes sets it apart from competitors where sharing options are limited.
The product is currently free for smaller teams of up to 10 users but has a tiered pricing model for larger companies which allow unlimited integrations for $59 a month.
“Humberto and Torben have really impressed us with their ambition to disrupt the market with a new spreadsheet paradigm that tackles the significant shortcomings of today’s solutions,” Stephen Nundy, partner at Lakestar, who will join Rows’ board following the raise, said. “Data integrations are native, the collaboration experience is first class and the ability to share and publish your work as an application is unique and will create more ‘Citizen developers’ to emerge. This is essential to the growing needs of today’s technology literate workforce.”
Check out Rows’ pitch deck below:
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