Amid booming stock prices for publicly-traded software companies, cloud software startup, Airtable, has raised $185 million in a Series D round. Existing investor Thrive Capital led the round, which included previous backers Benchmark Capital, Coatue, CRV, Caffeinated Capital, and newcomer D1 Capital Partners. With the investment, Airtable has raised $350 million since its 2013 launch. The post-money valuation is $2.585 billion—more than double Airtable's last fundraise in November 2018.
"Before the pandemic, the phrase 'digital transformation' felt like a buzzword. Now it feels like an existential transition that if you get wrong, you're the next Blockbuster video," says Thomas Laffont, the cofounder of Coatue and an Airtable investor."The urgency around it has fundamentally changed.
Liu is preparing for what he calls a “good second wave” of software demand amid the shift to remote work. As Liu sees it, the first wave centered around communication companies likeand Slack."Covid hit, and everyone was flailing to figure out how to literally talk to each other. That was the first essential need," Liu says over a Zoom interview.
Before, Airtable built all of the add-on functions. Now outsiders will be able to develop and design open-source software to live on Airtable."There's an enormous and high-value developer community out there—11 million JavaScript programmers. We are integrating the value that a true developer can bring to the platform," says Liu, who adds that Airtable's code-light features remain critical to the product.
Much money
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