Madrona has long been a supporter of Coda, having previously invested in the Series C investment round.
Seattle-based venture capital firm Madrona has invested $80 million in Coda, one of the technology’s most promising rising stars.
- With Madrona investment, Coda could become a new power player in the field of remote work.
- Coda’s site tries to integrate features of Slack, Jira, Excel, BaseCamp and Microsoft Word.
- This Wednesday, Microsoft announced some exciting new features to add to its Microsoft Teams.
Coda, a 6-year-old startup, specializes in integrating documents, spreadsheets and applications. The goal of the site is to streamline all types of collaborative project preparation that will be an excellent tool for businesses in the era of remote work.
No wonder Coda already has some big-name customers. Spotify, Uber and Square all currently use Coda collaboration. Now, with Madrona investment, Coda could become a new power player in the field of remote work.
What is Coda?
“Coda” is a word that has the origin of classical music. A coda refers to the final movement of a song, bringing a harmonious ending to the composition.
Because some classical pieces are so long and complex, composers often take some elements from each part and engage in some satisfying action at the end of the song. This will be Coda.
At the root of what Coda seeks to do is come up with the idea of integrating loose ends.
Coda’s site tries to integrate features of Slack, Jira, Excel, BaseCamp and Microsoft Word. Keeping these functions on the same platform streamlines project management and collaboration.
Another unique feature about the site is its pricing model. In Coda, only the person who created a document has to pay for the subscription. It’s not just editors or viewers.
Madrona’s investment
Madrona has long been a supporter of Coda, having previously invested in the Series C investment round. Madrona Managing Director Somasegar wrote about the latest initiative:
“Documentation envisions a futuristic and interactive future – enabling users to interact with data, interact with systems, and automate previously manual processes.
Somasegar also pointed out that this year presents a particularly promising opportunity for Coda. COVID-19 infection is more prevalent in people who work far away.
The sudden rush to switch from office cooperation to distant work will continue even after the epidemic is over. That means reliable composite software may be necessary for the long run.
Investing in Coda also selects some boxes for Madrona. The venture group seeks to support companies with labels such as “work future” and “low code / no code”.
Things to look for in a coda
The 70-person company is now valued at $636 million. Coda received support from Underscore VC, Renegade Partners, NGP Capital and Hawk Equity. Greylock, General Catalyst and Khosla Ventures.
As a result, Coda plans to hire about 70 additional staff, mostly engineers.
Co-founder Shishir Mehrotra said of the round:
“Because all of these supporters belong to the producer generation, we are more comfortable than ever with redesigning Docs. Over the past year, we have seen great progress in making the coda simpler, cleaner, and faster for your team; Now you can expect even more. “
