In the battle for the almighty blinking computer cursor, all-in-one doc startup Coda is gaining steam. The startup, which offers customizable and collaborative documents, has raised $100 million in a Series D funding round that values it at $1.4 billion, more than double its valuation a year ago.
“Our viewpoint is that the lines between the different document formats are artificial and that anyone can make a doc as powerful as an app,” says Shishir Mehrotra, Coda’s cofounder and CEO.
When you open a Google doc or a spreadsheet, you get a blank spreadsheet and some documentation as to what you can do with it — and that’s pretty much where we’ve been for quite some time.
But two MIT graduates, coming in from Microsoft and Google, have built up a team that for the past three years has quietly been trying to rethink how we approach documents. CEO Shishir Mehrotra spent his life in documents, and now he and co-founder Alex DeNeui have raised $60 million for a startup called Coda that’s trying to start the concept of an online document or spreadsheet from scratch. Greylock Partners, Khosla Ventures, and General Catalyst participated in the financing, with LinkedIn co-founder Reid Hoffman and General Catalyst’s Hemant Taneja joining the board of directors.