Techjockey News

Runway, the alternative for spreadsheets, has announced that it landed $27.5 million dollars, bringing the company’s total to $33.5 million.

This amount was generated in Initialized Capital’s Series A round. There was participation from Elad Gil, Jason Tan, and other investors. Preceding this, an undisclosed $5 million was raised by Runway in a seed round conducted by Andreessen Horowitz.

The platform was founded by Siqi Chen, Sandbox VR’s former president, with the aim to financially model, plan, and report workflows for businesses that want an alternative for Excel. Runway integrates with existing accounting tools, human resource information systems, and data warehouses for saving time and understanding the impact of business decisions.

It allows the customers to write formulas and build models that are included in business plans like pay bumps, increasing market spend, or hiring new people.

“As a product that helps businesses understand their financials and plan better, we are in the fortunate position of being a counter cyclical product. Companies are only getting more disciplined financially and that increases the demand for a product like Runway,” stated Chen.