# GRID ehf

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/grid-ehf

- Industry: Software
- Headquarters: Reykjavik, Iceland
- Website: www.grid.is
- Total disclosed funding: $17M
- Latest round: Series A (Aug 26, 2020)
- Investors on record: 8

## About

GRID ehf, headquartered in Reykjavík, Iceland, specializes in advanced spreadsheet technology, enhancing traditional spreadsheet functionality with artificial intelligence to streamline data management and automate workflows for business users.Founded in 2018 by Hjalmar Gislason, Laura Edwards, Steinn Sigurdarson, and Thorsteinn Gudmundsson, GRID ehf develops innovative solutions that leverage artificial intelligence for spreadsheet applications. The company has successfully completed three funding rounds, with the latest being a Series A round in August 2020, where it raised USD 12.000 mn led by New Enterprise Associates, and supported by Acequia Capital, BlueYard Capital, and Slack Fund. The total amount raised by GRID ehf amounts to USD 12.000 mn.GRID offers a sophisticated spreadsheet engine that integrates artificial intelligence, enhancing traditional spreadsheet functionalities. This product is compatible with Excel and Google Sheets, enabling users to conduct complex calculations and data modeling. GRID's end users include business professionals and organizations across various sectors that depend on spreadsheets for data analysis. The company markets its solutions primarily in North America and Europe, focusing on industries that require advanced data management.In 2022, GRID generated revenue of USD 90,502, while reporting an EBITDA of USD -1,189,981. The company utilizes a subscription-based revenue model that allows businesses to access its advanced spreadsheet functionalities, fostering direct relationships with customers and facilitating ongoing access to innovative tools that enhance operational efficiency.Following its Series A funding in August 2020, GRID plans to leverage the USD 12.000 mn raised to expand its product offerings and market presence. The company is focused on designing new features for its existing spreadsheet engine and aims to penetrate additional markets in North America and Europe by 2023. The funding will support these development initiatives and facilitate entry into new geographic regions to enhance the accessibility of its solutions.

## Funding rounds

- Series A, Aug 26, 2020, $12M — New Enterprise Associates, Acequia Capital, Slack Fund, BlueYard Capital
- Seed, Mar 27, 2019, $3.5M — Acequia Capital, Slack Fund, BlueYard Capital
- Angel, Oct 31, 2018, $1M — Brunnur Ventures, 1/0 Capital, Investa, Futuristic.VC

## Investors

- Brunnur Ventures (https://capitalatlas.ai/funds/brunnur-ventures) — Angel
- 1/0 Capital (https://capitalatlas.ai/funds/1-0-capital) — Angel
- Investa — Angel
- Futuristic.VC (https://capitalatlas.ai/funds/futuristic-vc) — Angel
- Acequia Capital (https://capitalatlas.ai/funds/acequia-capital) — Seed, Series A
- Slack Fund (https://capitalatlas.ai/funds/slack-fund) — Seed, Series A
- BlueYard Capital (https://capitalatlas.ai/funds/blueyard-capital) — Seed, Series A
- New Enterprise Associates (https://capitalatlas.ai/funds/new-enterprise-associates) — Series A