Online document US startup Coda raises $80m Series C round

Online document US startup Coda raises $80m Series C round

Published: 13-08-2020 16:24:00 | By: Pie Kamau | hits: 5170 | Tags:
August 2020
ICT
Tech
USA
Venture Capital & Private Equity

US online document startup Coda raised $80 million Series C round led by Mamoon Hamid from Kleiner Perkins. Mamoon is credited with being one of the earliest investors in Slack, Figma, Box, Yammer, Intercom, and now Coda. 

After talking to Coda and its customers, studying graphs, and  projecting numbers, Mamoon saw Coda’s potential to shape the future of work. He will be joining Coda's board, along with long-standing patrons and fellow workplace futurists Reid Hoffman, Hemant Taneja, and Quentin Clark.

Mamoon Hamid, Partner at Kleiner Perkins said: ''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. Today, Coda is more relevant than ever as teams adapt processes and sharpen their workflows. I’m thrilled to join the board and help the company scale the traction they are already seeing across teams.''
 
The Series C round also includes new participation from five other VC firms, all of whom had their own reasons for investing.
 
S. Somasegar at Madrona Venture Group led the developer division of Microsoft for years and now looks for technology that will usher in a new era of collaborative, adaptable workplaces. He immediately resonated with Coda's mission to empower the maker generation, but it was the firm’s own usage of Coda that really clinched the deal.
 
Michael Skok at Underscore VC talked to a few of the 25,000 teams using Coda and saw first-hand how a doc can connect disparate systems and workflows. Case in point: the firm is using Coda to run its entire investment system and manage their team.
 
Roseanne Wincek at Renegade Partners has invested in companies like MasterClass, Glossier, and Looker, and is now co-founder of the newly-minted Renegade. She believes in the power of the maker generation. Coda is not only the new firm's first investment but also how they drive cohesion and collaboration across their own team.
 
Rohini Chakravarthy at NGP Capital invested in Coda as part of their future of work and enterprise investment focus. She was inspired by Coda Packs ecosystem and the promise of a super-connected Internet. NGP Capital has integrated Coda to their AI platform, Q, that powers market discovery and automates their investment workflow. NGP Capital is also releasing a simple CRM for VCs and angel investors, a subset of Q, as a published Coda doc.
 
David Hawkins at Hawk Equity is keen on forecasting the future of work. He predicts that Coda, and the ability to make one’s own tools, will be necessary for businesses to adapt to the changing times. David published a Coda doc to brainstorm ideas what post-COVID-19 life will look like.
 
These VCs are joined by Coda's existing investors - Greylock, General Catalyst, and Khosla Ventures, as well as a vast network of angels - tech veterans like Ev Williams (CEO of Medium), Tamar Yehoshua (CPO of Slack), Alyssa Henry (CTO of Square), Mark Pincus (founder of Zynga), Claire Hughes Johnson (COO of Stripe), and Rahul Vohra (CEO of Superhuman). Plus other folks like Jed York (CEO of the 49ers), Annie Duke (professional poker player), and Jeffrey Katzenberg (film producer).
 
With all these backers joining the maker generation, Coda is more equipped to reimagine docs.