Excel-Killer Startup Anaplan Just Raised $100 Million On A $1 Billion+ Valuation
The company is now valued at over $1 billion, a source close to the company tells us.Human resources cloud company Workday was one of the investors in the round, as was Salesforce.com, which had invested in an earlier round, too. That means that Anaplan is backed by two of the most respected cloud companies in the nation.
Other investors in Workday's huge round include Brookside Capital, Coatue Management, Sands Capital Management, Granite Ventures, Meritech Capital Partners, and Shasta Ventures.
The big raise might not be too shocking to anyone that has been following this market.
As we previously reported, Anaplan went from generating about $10 million in all of 2012, to $10 million per quarter in 2013. And it hit $10 million per month as of January, 2014, it told Business Insider.
The company is trying to get people who run their businesses with spreadsheets to make the leap to the cloud. It offers a sophisticated financial planning and modeling tool that's as easy to use as a spreadsheet, but also does things Excel can't do, like letting groups work together.Founded about eight years ago, it really started to flourish after it hired CEO Frederic Laluyaux, who came from SAP.
Laluyaux said the Workday investment happened because both companies share a lot of customers. They were working to make their cloud products work better together when "Workday learned that we were doing our D round" he said.
Laluyaux is happy to have Workday aboard. "Aneel's support and strong positive views on Anaplan are a testament that Anaplan is really on the right path," he said.
Randy Glein, Managing Director at DFJ Growth, will join Anaplan's board of directors.
"Anaplan is addressing a very large market opportunity," Glein told us. "The company has the wind at its back and is scaling rapidly, thinking big about the future."
Next up, Anaplan wants to entice third-party developers to create pre-packaged modules for its app. It also wants to let them tap into its cloud to add graphs and modeling to their own apps, Glein told us.