We got an exclusive look at the pitch deck that data startup GRID used to win investment from Uber backer NEA in a $12 million funding round

  • Data analytics startup GRID just raised $12 million in a Series A funding round backed by NEA, an early investor in Uber and Snap. 
  • The data analytics market is growing rapidly, with forecasts suggesting it will be valued at $40 billion by 2023. 
  • Forest Baskett, general partner at NEA, said GRID had "not only augmented and improved upon spreadsheets" but also built a stand-alone, defensible business.
  • We got an exclusive look at the pitch deck GRID used to bring investors on board. 
  • Visit Business Insider's homepage for more stories.

GRID, the Icelandic data startup aiming to make spreadsheets more digestible, just raised $12 million in a Series A funding round backed by NEA, an early investor in Uber and Snap. 

Founded in 2018 by Hjalmar Gislason, GRID's mission is to help businesses draw narratives out of datasets held in endless Excel and Google Sheets documents. It takes existing spreadsheets and converts them into GRID documents, which have customizable layouts and interactive graphics.

The data analytics and visualization market is growing rapidly, according to analysts at Frost & Sullivan, with expectations it will more than quadruple from its 2017 value, $8.5 billion, to around $40 billion by 2023. 

"Data is now so ubiquitous in organizations that our entire way of thinking, reporting, and collaborating around data must improve," said Gislason.  

"The key is to understand and leverage the ways people already work rather than introducing something completely new that interrupts existing workflows and requires people to rebuild what's already working for them.

"We're thrilled to have NEA joining us in delivering on this vision and are convinced that they are the best possible partner for us on this journey." 

As well as NEA, the funding round was also backed by existing investors such as BlueYard Capital, Slack Fund, and Acequia Capital.

Forest Baskett, general partner at NEA, said GRID had "not only augmented and improved upon spreadsheets but also built a stand-alone, defensible business."

"NEA has been a first-hand witness to best-in-class product-led growth in the B2B space with companies from Box to Tableau. We have similar excitement around GRID's tremendous potential and look forward to working with the team as they propel the go-to-market and reinvent the way users interact with spreadsheets."

We got an exclusive look at a redacted copy of the pitch deck GRID used to bring investors on board. Check it out below: 

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Axel Springer, Insider Inc.’s parent company, is an investor in Uber.

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