MOUNTAIN VIEW, Calif.– Coefficient, the company that turns business users into builders with real-time data connectivity and automation in spreadsheets, today announced an $18M Series A investment led by Battery Ventures, the global technology investment firm, along with existing investors Foundation Capital and S28 Capital. The new funding will enable Coefficient—whose product is currently used by customers including Zendesk, Spotify, Foursquare, Contentful and Miro—to expand its product offerings and scale its global operations.
Today, over one billion users worldwide leverage spreadsheets to generate reports, dashboards, and data-driven insights. Data is a critical component of workflows across an organization, for technical and non-technical employees alike. However, spreadsheets have remained largely unchanged for decades, lacking connectivity to the systems where the data lives.
Coefficient co-founders Navneet Loiwal and Tommy Tsai saw an opportunity to create data and reporting-automation tools intended for the business user that make existing spreadsheets smarter by providing connectivity to live and automated data from the systems they use every day.
“Business users are more effective in spreadsheets than nearly any other product. However, these non-technical business teams today often are forced to resort to archaic methods of managing data: requesting frequent updates from technical data teams or exporting raw data from BI dashboards or CRMs to perform repeat manual analysis,” said Loiwal, Coefficient’s co-founder and CEO. “We want to enable business users to continue to work in spreadsheet formats while leveraging live, automated data from their most important systems.”
Loiwal continued, “Our smart-spreadsheet tools are the missing puzzle piece in the modern data stack: meeting business users exactly where they are and enabling business leaders and their teams to operate more efficiently and effectively.”
Coefficient’s core product today is a Google Sheets add-on that integrates with CRMs, SQL databases and other SaaS tools to allow business users to import and manipulate data within spreadsheets. Users can also build, share and automate live reports, set up alerts, and even write back enriched data to different SaaS tools. Not only do Coefficient’s products help turn data into insights, but they enable users to share what they’ve built across their organization, fueling innovation and informing critical business decisions. The company also announced plans to use the funding to integrate Coefficient data and reporting automation tools with Microsoft Excel, expanding access to millions of additional users.
“Coefficient has enabled our teams to self-serve data in a way that wasn’t possible before. We’ve been able to connect our business teams to real-time data where they are most effective—in their spreadsheet,” added Amit Das, Senior Director of Business Intelligence at Klaviyo, a Coefficient customer.
Also announced today, Coefficient will expand its product offerings to include the company’s new Spreadsheet Template Gallery, which provides users with pre-made spreadsheet dashboards for common reports used by business operations teams. Coefficient users will be able to connect these dashboards to existing data systems, such as Salesforce or HubSpot, to enable live data to power all charts and KPIs within the spreadsheets.
Coefficient has seen rapid growth since its launch, with a 400% increase in revenue thus far in 2022, with a product-led growth model. The company plans to increase headcount both remotely and in the San Francisco Bay Area as it continues to scale.
“We are thrilled to partner with Navneet, Tommy and the Coefficient team to take their smart spreadsheet automation platform to the next level,” said Neeraj Agrawal, a Battery Ventures general partner. “It is a testament to the Coefficient team’s product craftsmanship that users become evangelists, promoting use of the product throughout the organization.”
“Every BI platform promises the democratization of data, yet none are quite able to deliver,” added Sudheendra Chilappagari, a Battery Ventures vice president. “Business users are analytically sharp but lack the technical skills to work with data platforms, and the Coefficient team understands this well. The Coefficient platform brings the concepts of BI and data automation to business users by meeting them where they live: inside spreadsheets.”
