Airtable, a spreadsheet app that's reached cult-status among Silicon Valley developers, is raising funding at a nearly $1 billion valuation

Airtable

Airtable CEO Howie Lu.

• Airtable is raising $100 million in a new funding round, Business Insider has learned.
• The latest funding round will value the spreadsheet app company at around $1 billion.

Airtable, a startup whose cloud-based spreadsheet app has skyrocketed in popularity over the past year, is closing in on a hefty new round of funding that sources say will make the company the newest entrant into Silicon Valley's unicorn club.

Sources say that the six-year-old software company will be valued at around $1 billion.

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Benchmark, which missed out on Airtable's previous round of funding just six months ago, is among the investors putting a combined $100 million of capital into the startup. It's unclear whether or not existing investors like Caffeinated Capital, CRV, Slow Ventures, and Freestyle Ventures will participate in the new round.

Airtable, which was founded in 2012 by alumni of Google, Salesforce and Stack Overflow, has attracted a surge of interest from users and investors alike particularly among Silicon Valley developers. The San Francisco-based startup says that more than 30,000 companies, including Target, Box and Slack, currently use its product which helps simplify complex information systems through its easy-to-use spreadsheets.

The company previously raised $52 million in funding in March.

Representatives for Benchmark did not respond to a request for comment, and a spokeswoman for Airtable declined to comment.