Startup Rows raises €14 million
A German-Portuguese startup Rows, with offices in Berlin and Porto, which has created a spreadsheet in cloud which can uptick company productivity, has raised €14 million in funding.
Rows, formerly Dashdash, announced last week that it had closed a US$16 million financing round (€13 million) to democratise public access to digital cloud spreadsheet tools.
The Series B investment round was led by the Swiss venture capital company Lakestar and also included former investors in the startup such as Cherry Ventures and Accel, and new ones, including the Portuguese funds Armilar and Shilling.
The company founded by Humberto Ayres Pereira and Torben Schulz in 2016 – formerly known as Dashdash – aims to use the amount raised to increase its team in Porto and Berlin, develop the product (the innovative calculation spreadsheets) and focus on desktop applications.
The CEO and cofounder of Rows, Humberto Ayres Pereira, says that the spreadsheets can do a lot more than regular spreadsheets and points to the domination of giant multinationals in the market.
“Over the last decade one can have seen thousands of business apps launched onto the market. Despite this, Google and Microsoft still dominate the market with their calculation sheets Excel and Sheets.
“The world continues to rely on spreadsheets to manage business through billions of documents created and shared every year. However, today’s work requires a layer of collaboration and connectivity that is better than existing tools,” says the Portuguese entrepreneur.
Rows says that in practice the spreadsheet supports traditional Excel functions, like SUMIFS, enabling the connection of any cell or table to business applications like Salesforce or LinkedIn in a modern shared experience which become calculation sheets on websites in just one click.
The product is aimed at small companies which have around 10 platform users but there are paid for subscriptions for larger-size companies with prices starting at US$59 per month.
Rows (ex-Dashdash) was this year nominated as one of the 25 largest Portuguese startups founded less than five years ago which have grown two digits in numbers of staff or turnover, according to the annual report from ‘Scaleup Portugal 2020’.