Sourcetable, a startup aiming to redefine the future of spreadsheets, has successfully raised $3 million in seed funding. The company, founded by Eoin McMillan, is on a mission to build “the world’s best spreadsheet,” challenging the long-standing duopoly of Microsoft Excel and Google Sheets.
The Power of Spreadsheets
Spreadsheets are a fundamental tool in the corporate world, used for a myriad of tasks from financial modeling to inventory management. However, they can often be slow, frustrating, and underpowered. Sourcetable seeks to address these issues by building a new spreadsheet from the ground up, incorporating features such as charts, graphs, pivots, real-time document collaboration, data syncing to over 100 business applications, data warehousing, a SQL GUI and SQL editor for querying large datasets, publishing features, and all the spreadsheet formulas, shortcuts, and cell-based notation that users expect from Excel and Sheets.
Funding and Future Plans
The recent seed funding round, following a $1.25 million pre-seed funding round, was led by Michael Berolzheimer of Bee Partners. Other investors include NextView Ventures and Long Journey Ventures. The funds will be used to focus on more integrations, more templates, and ever-better analysis, reporting, and collaboration features. Sourcetable also plans to build a world-class team and expand its market by reaching new customers, particularly professionals in sales, accounting, finance, support, and HR who need to access and manipulate significant data.
A New Era for Spreadsheets
Sourcetable is currently operating in stealth mode and won’t come out of private beta until the end of the year. However, interested users can join its waiting list as the company refines its offering based on user feedback. With its innovative approach to spreadsheets, Sourcetable is poised to bring a fresh perspective to a tool that is integral to the modern work life. As McMillan stated, “Spreadsheets are one of the core units of cognition for modern humans.” With Sourcetable, these core units are set to become even more powerful and efficient.