Coefficient, a Mountain View, CA-based company that turns business users into builders with real-time data connectivity and automation in spreadsheets, announced that it raised $18 million in Series A funding.
The round was led by Battery Ventures, the global technology investment firm, along with existing investors Foundation Capital and S28 Capital.
The new funding will enable Coefficient to expand its product offerings and scale its global operations.
The funds will also be used to integrate Coefficient data and reporting automation tools with Microsoft Excel, expanding access to millions of additional users.
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 Navneet 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.”
Coefficient also announced that it 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.
Its product is currently used by customers including Zendesk, Spotify, Foursquare, Contentful, and Miro.
Company: Coefficient Works, Inc.
Round: Series A
Funding Month: November 2022
Lead Investors: Battery Ventures
Additional Investors: Foundation Capital and S28 Capital
Company Website: https://coefficient.io/
Software Category: Spreadsheet Syncing tool
About the Company: Founded by Navneet Loiwal and Tommy Tsai, Coefficient is a no-code solution that allows business teams to work with live data directly from their spreadsheets. This empowers anyone in the company to build reports and workflows that are real-time, flexible, and accurate without any knowledge of SQL or other advanced tools. 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.