Coda: Document-Centric Productivity Platform
August 11, 2021 | Nick Schofield
Document tools weren’t built for today’s hyper-collaborative world. While the cloud has made sharing and collaborating on docs easier, significant task-siloing issues remain. Additionally, users must generate and access multiple documents just to leverage the handful of features they actually need. Creating, sharing, and managing all these docs within a given team is time-consuming and far from cost-effective — especially at an enterprise scale.
Enter Alumni Ventures portfolio company Coda, a document-centric productivity platform. Coda brings together the most-used aspects of docs, spreadsheets, presentations, and databases into one canvas. Envisioning a future where documents are alive and interactive, the company’s platform enables users to simultaneously interact with data and systems inside a single living document, automating previously manual processes. With Coda’s platform, a document can become as powerful as an app. No more ping-ponging between documents, spreadsheets, and niche workflow apps to get things done. Coda brings all of your words and data into one flexible surface.
Watch This Video to Learn More About Coda
Coda’s platform allows users to express what they want and collaborate with others seamlessly. Additionally, instead of charging for every user, the company charges only for the people who create docs. Under their freemium business model, customers have a choice of tiered subscription rates.
Coda’s flywheel is focused on two main loops: 1) documents and collaboration, and 2) the creation and publication of new document templates. This flywheel has been very sticky with users, allowing Coda to achieve significant growth with a single sales rep. The company currently backs major enterprise customers such as NY Times, Square, Uber, DoorDash, Spotify, Robinhood, and Figma.
What We Like About Coda
We found Coda an attractive investment for many reasons, particularly the team. CEO/Co-Founder Shishir Mehrotra was formerly at Microsoft, where he worked on SQL Server, Windows, and Office before eventually moving to join Google as YouTube’s VP of Product, Engineering, and UX. Shishir’s Co-Founder and CTO, Alex DeNeui, is also a world-class technology leader in real-time collaboration tools. His previous company, DocVerse, was acquired by Google.
Spike Ventures (Alumni Ventures’ fund for the Stanford community) invested in Coda’s $100 million Series D led by Ontario Teachers’ Pension Plan. Coda has also attracted capital from established investors like Kleiner Perkins, General Catalyst, Greylock Partners, Khosla Ventures, and Madrona Ventures.