Coda blends a word processor and spreadsheet into a single new canvas, enabling users to edit and create a single doc similar to an app. The company was founded in 2014 but officially launched at the beginning of 2019. Coda’s CEO and co-founder, Shishir Mehrotra previously held senior roles at Microsoft and YouTube. It's goal - rather than have separate platforms for spreadsheets, documents, presentations, users could create all this in one place, and then transform into a web application. It's subscription-based plans include a freemium version and paid plans starting at USD 10 per user per month.
The company claims it has grown to more than 25,000 teams as of July 2021.Customers are said to include individual networks of users at companies that include Uber, The New York Times, and Spotify.
In July 2021, Coda raised USD 100 million in a Series D round led by the Ontario Teachers’ Pension Plan. The round included the participation of Kleiner Perkins, General Catalyst, Greylock, and Khosla Ventures. This round follows its USD 80 million Series C funding round in August 2020. The new funding comes at a valuation of USD 1.4 billion, more than double its valuation in the previous round. The fresh funds are expected to be allocated for product development, which includes working on its core document editor and expanding its reach with its plug-in, Packs. Furthermore, it plans to double its employee base by July 2022.
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