Airtable Inc. has closed a $270 million funding round at a hefty $5.77 billion valuation to fuel the growth of its namesake cloud service, which is used by teams at more than a quarter-million companies to organize their files and data.

Greenoaks Capital led the round. WndrCo, Caffeinated Capital, CRV and Thrive Capital participated as well. 

Airtable’s cloud service enables workers to organize information in spreadsheets that they can then share with colleagues. What sets the service apart is that its spreadsheets accommodate not only numbers, text and formulas, but a range of other items as well. 

A software development team could use Airtable to create a list of outstanding tasks with a progress bar next to each to-do item that shows what percentage of the work has been completed. Real-estate agents can create a map in the service to visualize the locations of the properties contained in a spreadsheet. Airtable allows users to customize almost every aspect of how their information is displayed from the overall structure of a spreadsheet to the design of the individual tables that make it up.

Airtable has been adding increasingly sophisticated customization options to its platform to stand out from the competition. Last year, it introduced Airtable Automations, a feature that allows users to create workflows for automating repetitive spreadsheet-related tasks. The startup also operates a marketplace where customers can download advanced tools not included in the service by default, such as extensions for syncing data from spreadsheets to outside business applications 

Airtable provides its core features for free and makes money by providing paid plans with an expanded set of capabilities. The number of paid enterprise customers using the service has more than tripled over the past year, the startup told Forbes today on occasion of its funding announcement.

That impressive growth helps explain Airtable’s latest $5.77 billion valuation. It’s more than double what the startup was worth following its previous capital raise, a $185 million funding round announced last September.

Airtable is part of a group of heavily funded productivity startups taking on incumbent platforms such as Google LLC’s Google Workspace. ClickUp, formally known as Mango Technologies Inc., last December raised $100 million at a reported $1 billion valuation to widen the adoption of its document editing and project management platform. Earlier in 2020, it was reported that fellow project management startup Monday.com Ltd. had achieved a $2.7 billion valuation.

Image: Airtable