Bay Area-based startup Coda raised a $80 million round led by Kleiner Perkins for its online document collaboration software.
Founded in 2014 and led by Shishir Mehrotra, a former director at Microsoft and Google, Coda brings together documents, spreadsheets, and apps into one platform. It uses “building blocks,” templates, and customizable views, and also connects to other apps such as Jira and Slack. Customers include Spotify, Uber, Intercom, Square, and others.
Seattle venture capital firm Madrona Venture Group also participated in the Series C round, investing out of its Acceleration Fund.
“Coda envisions a future where documents are alive and interactive – enabling users to interact with data, to interact with systems, and to automate previously manual processes,” Madrona Managing Director S. “Soma” Somasegar wrote in a blog post. “Coda imagines a world where everybody can be a ‘maker’ and can use Coda to express what they want to and collaborate with others seamlessly.”
Somasegar said the investment in Coda fits into Madrona’s focus on backing companies in the “Future of Work” and “low-code/no-code” areas.
Welcome to the world of documents as powerful as applications – @MadronaVentures thrilled to be a part of the @coda_hq @shishirmehrotra journey #futureofwork https://t.co/7Ssh5FSMQg— S. Somasegar (@SSomasegar) August 11, 2020
Coda is riding a trend of increased use of workplace collaboration software, particularly in the past several months with remote work amid the pandemic.
Other investors in round include Underscore VC, Renegade Partners, NGP Capital, and Hawk Equity. Greylock, General Catalyst, Khosla Ventures, and a number of well-known angels previously invested.
“With all these backers joining the maker generation, we’re more equipped than ever to reimagine docs,” Mehrotra wrote in a blog post. “In the past year, we’ve made big progress in making Coda simpler, cleaner, and faster for your team; now you can expect even more.”
Mehrotra co-founded Coda with Alex DeNeui, who sold his previous startup DocVerse to Google. They previously raised a $60 million round for Coda in 2017.
Coda is now valued at $636 million, according to Forbes. The 70-person company plans to double headcount and is growing an engineering team in the Seattle region.
“It’s clear that there is true value in Coda’s vision for the world, that if given the right set of building blocks, anyone can make a doc as powerful as an app,” Mamoon Hamid, partner at Kleiner Perkins and an early investor in Slack, Box, Yammer, and other companies, said in a statement. “Today, Coda is more relevant than ever as teams adapt processes and sharpen their workflows.”
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