Thursday, January 15, 2009

Smartsheet Raises $1.25M in Series B Funding

Bellevue, Wash.-based Smartsheet, publisher of a hosted work management and project collaboration tool, announced Wednesday that it has received a second round of equity funding worth $1.25 million. The funding was led by Madrona Venture Group, and also included the firm's chairman and founder, Brent R. Frei. According to Frei, the infusion of capital will help put his firm in the black by 2010. In the 1990s, Frei co-founded Onyx Software Corp. and, as its chief executive, helped it grow into a leading CRM publisher before its eventual acquisition by Consona Corp. SmartSheet said the new funding will help the firm continue to expand its outreach to markets. More information »