PYMNTS MonitorEdge May 2024

Rows Raises $8.7 Million to Expand AI-Powered Spreadsheet App

businesspeople with laptop

Rows has raised 8 million euros (about $8.7 million) to expand its cloud-based, artificial intelligence (AI)-powered spreadsheet app.

“There’s never been a better time to build the future of spreadsheets,” the company said in a Friday (May 24) post on LinkedIn.

Rows will use the new funding to continue to accelerate data integrations, enhance its AI features and expand in its biggest markets: the United States, the United Kingdom and Europe, Indico Capital Partners, the venture capital (VC) firm that led the funding round, said in a press release.

Founded in 2017 by Torben Schulz and Humberto Ayres Pereira, Rows offers fast data import, an AI Analyst that extracts learnings from data and collaborative sharing features, according to the release.

The company aims to solve the challenges that business and marketing professionals often encounter when their data is stored in the cloud, such as loading, analyzing and sharing it efficiently, the release said.

The Rows spreadsheet app provides native integrations with a wide range of marketing and business tools, an AI Analyst with a simple interface, and spreadsheets that are designed to be sleek and aesthetically pleasing, per the release.

“The latest funding round is a testament to the innovation and growing demand for Rows’ unique approach to spreadsheets,” Indico Capital Partners said in the release. “With fresh capital and an impressive roster of investors, Rows is poised to accelerate its mission of transforming data workflows for business and marketing professionals.”

Stephan Morais, managing general partner at Indico Capital Partners, said in the release: “We have been following the company from inception and the time is now right to step in and add our knowledge and network to enhance the product and expand sales massively at a global scale.”

PYMNTS Intelligence has found that there has been an explosion of opportunity for next-generation automated tools to step into the spreadsheet world, particularly in support of the chief financial officer (CFO) role as it related to document digitization and workflow automation.

For example, 8 in 10 content management firms that currently operate without an automated non-payroll spend management system report that they are “highly interested” in using one, according to “Improving Financial Performance: The Speed of Spend Management System Adoption,” a PYMNTS Intelligence and Airbase collaboration.