"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 Ryan Hinkle, Managing Director at Insight Venture Partners. Other customers include Netflix, NBC Universal, Sony Music, Hilton and Weyerhaeuser. Whether it is opening hundreds of stores around the world, building skyscrapers, launching rockets into space, or managing behind-the-scenes logistics for the Super Bowl, Smartsheet enables organizations to centrally manage and automate complex, enterprise-scale projects and processes. Collaborative Work Management applications enable organizations to reduce the noise so people can focus on the important work that needs to get done." Smartsheet's collaborative work management platform is used by millions of information workers and 69,000 brands in more than 190 countries, including half of the Fortune 500. "As the market evolves, an entirely new category of collaboration solutions is needed that organizes work, not just tasks, providing structure and accountability across the vast array of things people have to work on. This includes a complex web of collaboration, productivity and business applications, which often don't connect to each other," said Alan Lepofsky, VP and Principal Analyst at Constellation Research. "One of the biggest hurdles to employee efficiency is the growing number of applications required to get work done. The past several months have marked a steady flow of new entrants and high-profile acquisitions in the collaboration space to meet the shifting market needs of enterprises, which are looking for increased agility and efficiency. "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." The Rise of Collaborative Work Management According to IDC Research, the enterprise collaboration market is rapidly accelerating, forecasted to grow 32 percent over four years to reach $25 billion by 20201. But the value of intentionally managing and automating collaborative work has largely gone unrealized," said Mark Mader, CEO of Smartsheet. "Enterprises have long invested in cloud-based applications that enable them to author, store, and communicate about work. Building upon an already solid financial position with low cash burn, the new funding will be used to accelerate investments in product, sales & marketing, and infrastructure to support increasing demand for Smartsheet's platform. This latest funding round follows a period of rapid growth in which Smartsheet's revenue increased by more than 60 percent year-over-year for the past five years, with the company expecting to exceed $100 million in annual recurring revenue this quarter. With the additional investment, Smartsheet's total financing raised to date is more than $120 million. Smartsheet's last round of funding was more than three years ago. Additional Smartsheet investors Madrona Venture Group and Sutter Hill Ventures, and new investor, Summit Partners, also participated in the round. Smartsheet, the world's leading SaaS platform for managing and automating collaborative work, today announced it raised $52.1 million in Series F funding, led by existing investor Insight Venture Partners.
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