Smartsheet, Outreach, Echodyne, Bulletproof, and Discuss.io Raise VC
Seattle-area tech companies announced a spate of eight-figure investment rounds this week. Here’s a rundown of who’s raising and who’s investing:
—Smartsheet. The Bellevue, WA-based maker of online project management and collaboration tools announced a $52.1 million Series F funding round Wednesday. Insight Ventures Partners, an existing backer, took the lead on the funding—Smartsheet’s first since 2014. Prior investors Madrona Venture Group and Sutter Hill Ventures also participated, along with new investor Summit Partners. Smartsheet has now raised $120 million.
The company says its on pace for more than $100 million in annual recurring revenue, building off of annual growth of more than 60 percent over the last five years. It counts more than half of the Fortune 500 as customers.
Smartsheet, founded in 2006, will use the additional capital to invest in product, sales, marketing, and infrastructure. It currently has more than 560 employees.
Is Smartsheet on its way to an IPO? The company’s senior executives have discussed this possibility before. Last September, Smartsheet hired a new CFO, Jennifer Ceran, who previously held senior financial leadership roles at publicly traded Quotient Technology, eBay, and Box. She helped Box go public in January 2015.
If it does plan to go public, Smartsheet has a handy 200-line IPO Time & Responsibility Schedule in its Public Template Gallery to help manage the process.
—Outreach. The Seattle company making technology to help salespeople prioritize and automate customer interactions announced a $30 million Series C funding round Wednesday. The lead investor is DFJ Growth, with existing backers Mayfield, MHS Capital, Microsoft Ventures, and Trinity Ventures participating, alongside new investor Four Rivers Group. The company has raised $60 million since its founding in 2014.
DFJ Growth partner Sam Fort is joining the company’s board of directors.
The funding will support hiring in product development, engineering, sales, and marketing. The company has offices in Seattle, San Francisco, and State College, PA.
Outreach—which went through the Techstars Seattle accelerator in 2011 when it was still focused on technical recruiting rather than sales—says it has more than 1,200 sales teams as customers. The pivot appears to be paying off.
Chris DeVore, the Techstars Seattle managing director who was an early investor in Outreach through Founders’ Co-op, wrote in 2015 about the company’s interesting origin story. The path was circuitous, to say the least.
—Bulletproof 360. Dave Asprey’s self-help, nutrition, supplements, coffee, and lifestyle coaching brand has announced a $19 million Series B funding round. CAVU Venture Partners led the round, with Trinity Ventures, which backed the company previously, also participating.
Bulletproof’s corporate headquarters is in Bellevue. It operates two California coffee shops in Santa Monica and Los Angeles where customers order coffee mixed with butter, protein, and “Brain Octane Oil.” The new funding will support a new location in New York City planned this year, as well as other locations.
Asprey founded the company in 2013.
—Discuss.io. The Seattle-based startup making cloud-based software for conducting market research interviews and focus groups announced a $5 million Series A investment led by Unilever Ventures, with participation from new investor Pereg Ventures. Discuss.io previously raised about $1.3 million from Unilever, Seattle Angel Conference, and angel investors.
The company says its customers include Unilever, PepsiCo, Nestle and other major consumer brands, which use Discuss.io to quickly convene consumer panels in dozens of countries for various market research tasks.
The new funding will pay for platform development and hiring in engineering and sales.