Equals secures $15 million investment to power spreadsheets • TechCrunch

Equals, a New York-based startup ambitiously aiming to challenge Excel’s dominance with a supercharged spreadsheet, announced today that it has raised $16 million in a Series A funding round led by Andreessen Horowitz (a16z), with the participation of Craft Ventures, Box Group, Worklife and Combination. Co-founded by Ben McRedmond and Bobby Pinero, two former Intercom employees, Equals claims its spreadsheet is one of the few with built-in database connections, version control, and collaboration features.

Equals isn’t the first startup on a mission to do away with the traditional spreadsheet. There’s Airtable, of course, plus upstarts like Spreadsheet.com, Actiondesk, and Pigment, the latter of which raised $73 million last November for its data visualization and analytics service. But Pinero, the CEO of Equal, says that Equals is unique in that it doesn’t so much replace the spreadsheet as it incorporates additional tools, like live data integrations.

“Equals comes from a really simple and obvious idea: that the spreadsheet is the best way to do analysis,” Piñero told TechCrunch in an email interview. “Excel was created almost 40 years ago. Google Sheets 16 years ago. The way companies work today is significantly different. Our data is much more accessible. We should automate much of the painful manual work of entering data into a spreadsheet. And we’ve learned a lot about how teams collaborate better in the last decade. A spreadsheet should incorporate those learnings. That’s the same.

Customers can tap Equals to create analytics with real-time data directly from a database or data warehouse, with or without the use of a trace query language. It supports standard formulas and offers templates for common use cases like tracking recurring revenue and measuring user engagement.

Same

Image credits: Same

Soon, Equals will be able to import scripts to allow users to connect spreadsheets to different APIs and internal tools with JavaScript or Python. Pivot tables and connectors for business intelligence apps from Salesforce, QuickBooks, Stripe, and Google Analytics are also on the way.

“Equals represents a great opportunity for business stakeholders, typically people who can’t get their own data, to access data. To be able to work with data in a tool they feel comfortable with and already know how to use: a spreadsheet,” said Piñero. “No more manual spreadsheets that take hours to manually update across the team. No more dumping data from BI tools into spreadsheets for analysis later.”

That’s a lot to promise, but Piñero is well aware of the hurdles ahead. He doesn’t expect the 10-employee Equals to be profitable for a while: Series A profits will go mostly to R&D, he says; Equals has raised $23 million to date, and the platform will remain closed behind a waiting list pending the next major product launch. Piñero says that “thousands” of people have signed up so far.

“It speaks to the excitement and traction with Equals that in this market we have been able to generate a significant series A. In our current consumption, we have more than eight years of experience”, said Piñero. “We are very well positioned to survive this recession, no matter how long it lasts. As the saying goes, generational companies are built during these recessions, and we plan to make Equals one of them.”

Leave a Comment