Iceland-based spreadsheet software startup Grid has completed a $12m series A round that included Slack Fund, the strategic investment vehicle for enterprise communication software provider Slack.
Venture capital firm New Enterprise Associates led the round, which was also backed by BlueYard Capital, Acequia Capital and unnamed strategic partners.
Founded in 2018, Grid has developed an advanced spreadsheet product that enables users to convert the data in their workbooks into visually engaging online content. It has been in closed beta testing, but the series A funding will support its commercial launch.
Grid’s founder and chief executive, Hjalmar Gislason, said: “Data reporting and modelling is just the starting point. Data is now so ubiquitous in organisations that our entire way of thinking, reporting and collaborating around data must improve.
“The key is to understand and leverage the ways people already work rather than introducing something completely new that interrupts existing workflows and requires people to rebuild what is already working for them.”
BlueYard Capital led the company’s $3.5m seed round in March 2019, investing together with Slack Fund, Acequia Capital and Charlie Songhurst. It had raised $1m from Futuristic.vc, Brunnur Ventures, 1/0 Capital and various angel investors five months earlier.
