Rows raises 8 million euros to accelerate expansion in the US and UK

The UPTEC startup aims to improve the artificial intelligence functionalities of spreadsheets

Rows, a startup incubated at UPTEC—Science and Technology Park of the University of Porto, has raised an 8 million euros funding round led by Indico Capital Partners. The company, which aims to revolutionise spreadsheets by integrating artificial intelligence (AI), will use this investment to accelerate its expansion in key markets, namely the United States, the United Kingdom, and other European countries.

Established in 2017 by Humberto Ayres Pereira and Torben Schulz, Rows is a pioneer in developing a spreadsheet platform that not only integrates all the functionalities of Excel and Google Sheets but also boasts an innovative layout and the world’s first AI analyst. The platform’s unique selling points include its seamless integrations with a wide range of tools used by marketing and business analysts, such as Notion, Facebook Ads, Google Analytics, and many others.

Humberto Ayres Pereira, the co-founder and CEO of Rows, underlined the transformative effect of this funding on the company’s trajectory: ‘This round of funding provides us with the opportunity to extend our runway, allowing us more time to innovate and enhance the experience for our core users: business professionals who rely on data. We’re excited to continue our journey of data-driven thinking, testing, graphing, hypothesising, and reporting,’ he affirmed.

Rows is already used by almost a million users worldwide, including renowned companies such as AWS, Hewlett-Packard, Prisma Media and Mercado Libre, who value the platform’s user experience, powerful graphics, associated integrations, AI co-pilot and robust collaboration features.

This investment was accompanied by previous investors Cherry Ventures, Accel, Lakestar and Armilar Venture Partners. From Indico Capital Partners, Stephan Morais emphasised that ‘this is the first investment in a new 70 million euro Indico fund, whose main underwriter is Banco de Fomento (…) This fund is dedicated to Portuguese software companies, with investments of up to five million euros aimed at companies certified by the national innovation agency with strong R&D activity,’ he said.

With a team of 35 people, and after this investment, the startup incubated at UPTEC has already raised around 30 million euros since it was founded.

May 29, 2024

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