Venture Capital: Airtable Raises $185M At A $2.5B Valuation

September 15, 2020 | News, Venture Capital
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Spreadsheet reinventor Airtable more than doubles its previous valuation of $1.1 billion in 2018.

Airtable, whose products deliver the power of a database with the familiarity of a spreadsheet, has raised $185 million according to Bloomberg. The funding brings the startup’s total fundraising to over $350 million.

Thrive Capital led the current Series D round which also saw participation by existing investors including Benchmark and Coatue Management.

COVID-19

The coronavirus pandemic forced large sections of the global workforce to work from home. That has helped Airtable’s business which offers spreadsheets that are more like databases and come in a user-friendly, no-coding-required format suitable for businesses and consumers.

Though Google Sheets and Microsoft Excel are formidable competitors, Airtable has already racked up over 200,000 business customers. It counts big names such as HBO, Robinhood Markets, and Netflix (NASDAQ: NFLX), TIME, and IBM (NYSE: IBM) amongst its users.

According to founder and CEO Howie Liu, there is “easily a $ 100 billion opportunity ahead of us.”

Airtable did not need the funding

That figures because Liu revealed to TechCrunch that investors had evinced keen interest in the company and its potential in a low-code/no-code market.

“While we didn’t strictly need the funding, it allowed us to continue to invest aggressively into furthering our platform, vision and really executing aggressively, […] without having to worry about, ‘well, what happens with COVID?’” he commented.

The funding followed a mostly digital process and commenced a couple of months after “shelter in place” commenced in California.

New features announced September 14

The company also announced its Airtable Apps, a platform dedicated to the creation of custom applications, Airtable Automations for the automation of work, and Airtable Sync to enhance collaboration between users.

Whereas previously users could add prebuilt features to their tables, a point came when sophisticated customers needed to do more with the platform. With Apps, such users can use JavaScript to build additional functionality into their tables.

By adding this feature, Airtable has moved from being a “no-code” product to a “low-code” solution.

Related Story:  Employee Management Platform Rippling Snags $145M And Unicorn Status

Image Credit: Airtable                                                   

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