Most people are used to using Microsoft Office products daily. And as a popular productivity suite, it's enjoyed its fair share of imitators—some of which have been just as successful.
Notion created a more collaborative version of Word, Google Workspace recreated Office offerings, Figma offers visual-creation tools comparable to PowerPoint, and Airtable is an alternative to Excel that has completely changed the game.
Founded in 2013, Airtable is a cloud-based software company that offers an easy-to-use online platform for creating and sharing relational databases. Though what sets Airtable apart from Excel or Google Sheets is that it's a no-code platform enabling users to build and customize software without deep programming skills. It’s a point of difference that’s been working for the San Francisco-based company, which has amassed a customer base that spans 250,000 different organizations, including Netflix, Expedia Group, and Shopify.
Airtable is built on a freemium model, giving away basic functions for free while offering more powerful products with subscription and enterprise plans. The customization part of its platform is a key value driver for Airtable. Known for its open-endedness, and therefore broad applicability, Airtable enables users to create their own simple apps from a spreadsheet, with the only limits being the user’s goals and imagination.
During the pandemic, the company’s software has thrived thanks to the shift to remote work. Its product lets teams create software to collaborate, manage projects, share, and catalog critical data sets, content, and information to employees worldwide.
Now, Airtable has announced a $270 million Series E funding round, which brings its valuation to $5.7 billion. This is more than double its valuation from September, when it raised $185 million in Series D funding.
This latest round was led by Greenoaks Capital, with participation from WndrCo, as well as existing investors Caffeinated Capital, CRV, and Thrive. Founder and CEO Howie Liu told Forbes that he was approached by Greenoaks, rather than actively seeking funding.
“From the investor lens, the corporate growth signals there’s so much more room for us to grow,” said Liu. "Especially as we start aggressively investing into enterprise products, focus on enterprise needs, and build out our sales and marketing engine."