Coda Acquisition, Valuation, Funding & Investors

Coda was acquired by Grammarly in December 2024.

See full Coda profile

Coda acquisition price

Undisclosed

Acquired by Grammarly · Dec 2024

Cumulative funding Coda raised

$240M

across 4 funding rounds

Key investors in Coda

  • General Catalyst
  • Kleiner Perkins
  • Greylock
  • Khosla Ventures
  • Alumni Ventures
  • New Enterprise Associates
  • Madrona
  • NGP Capital

Coda Overview

About Coda

Coda is a Mountain View-based productivity platform merging documents, spreadsheets, and apps into interactive canvases for teams at companies like eBay, Uber, and The New York Times. Users build custom tools with relational tables, automations via Zapier, and AI-assisted pack templates for CRM, project management, and wikis. Supporting real-time collaboration, Coda handles thousands of workspaces worldwide. Launched publicly in 2019 after beta with Slack integration, it scales from personal use to enterprise deployments.


Founded

2014

HQ

United StatesSan Francisco, CA

Website

coda.io

Status

Acquired

Customer focus

B2B

Revenue model

Subscription

Valuation

$1.4B (Jul 2021)

Coda Acquisition

Coda was acquired by Grammarly for an undisclosed price on 17 December 2024.

Before the acquisition Coda had raised $240M across 4 funding rounds.

Coda develops Coda Docs and Coda Brain, trailblazing AI productivity tools that enable flexible collaborative documents, ideation, innovation, and enterprise AI solutions tapping into company knowledge and data for context-aware workflows. Grammarly, an AI writing assistant integrated across 500,000+ apps and websites via its 'AI superhighway,' acquired Coda in late 2024 to supercharge its platform into an AI-native productivity suite combining writing, docs, and agents. Coda co-founder Shishir Mehrotra became Grammarly's CEO post-acquisition, driving integration to compete with Notion, ClickUp, and Microsoft Loop by blending AI-enhanced writing with powerful document workflows. The deal positions Grammarly to evolve from a ubiquitous writing tool into a comprehensive ecosystem for collaboration, communication, and task automation. Following Coda, Grammarly acquired Superhuman, the ultra-fast AI email client saving users 4+ hours weekly, to unify emails, documents, and scheduling. By mid-2025, the combined entity rebranded to Superhuman, bundling Grammarly writing, Coda workspace, Superhuman Mail, and new Superhuman Go into a single subscription, with further expansion via 2026 Rows acquisition enhancing Coda's data analytics for live data collaboration. Strategic rationale centers on consolidating high-engagement productivity SaaS—Grammarly at $700M ARR in May 2025, Superhuman at $35M ARR—under a full-stack AI suite model, backed by $1B from General Catalyst. Deal terms undisclosed, but acquisitions enable proactive AI across docs and inboxes, task-specific agents, and unified workspaces amid AI-driven workplace shifts, with Coda as the central hub for planning and execution.

Coda acquisition details
AcquirerDateType
17 Dec 2024Strategic M&A

Coda Valuation

Coda is currently valued at $1.4B, based on its Series D in July 2021.

The $100M round was led by Ontario Teachers' Pension Plan, with participation from General Catalyst, Kleiner Perkins, Castor Ventures, Khosla Ventures, Alumni Ventures and 5 other investors.

Coda's valuation has grown 2.2x from $636M at its Series C in August 2020 to $1.4B in July 2021, across 2 priced rounds.

Coda valuation by funding round

Coda valuation by funding round
DateStageValuation
Jul 2021Series D$1.4B
Aug 2020Series C$636M

Coda Funding History

Coda has raised a total of $240M across 4 funding rounds.

Coda's first fundraising round was a $25M Series A in July 2014. The most recent completed round was a $100M Series D in July 2021.

Coda funding rounds

Coda funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jul 2021Series DOntario Teachers' Pension Plan (lead); General Catalyst; Kleiner Perkins; Castor Ventures; Khosla Ventures; Alumni Ventures; NGP Capital; Greylock; Renegade Partners; Underscore VC; Madrona$100M$1.4B-
Aug 2020Series CKleiner Perkins (lead)$80M$636MCoda is a no-code development and productivity platform that integrates documents, spreadsheets, and apps, targeting users in the collaboration software market valued at $21.7 billion in 2021. The company raised an $80 million Series C round in August 2020, led by Kleiner Perkins with participation from Underscore VC, Renegade Partners, NGP Capital, Greylock, General Catalyst, Hawk Equity, Khosla Ventures, and Madrona, aiming to scale operations, enhance product features, and expand enterprise clientele. Kleiner Perkins had previously invested in the $60 million Series B in October 2017 alongside Greylock, Khosla Ventures, General Catalyst, New Enterprise Associates. Total funding across four rounds reached $240 million by 2021. Coda emphasizes easy integration with other SaaS tools, appealing to enterprises using up to 130 apps on average. Coda is headquartered in San Francisco. The platform gained traction between 2015-2020 during SaaS unbundling but faces risks from rebundling trends post-2022 amid economic slowdowns and IT budget cuts.
Oct 2015Series BKhosla Ventures (lead); General Catalyst; New Enterprise Associates; Greylock$35M--
Jul 2014Series AGreylock (lead); General Catalyst; Hugo Barra; Kleiner Perkins; Bradley Horowitz; Arba Seed Investment Group$25M-Coda is a collaborative platform developed to enhance productivity and data transformation. The company closed a Series A funding round in July 2014 led by Greylock that raised $25 million, with participation from investors including Kleiner Perkins and other early backers.

Who has invested in Coda?

15 investors have backed Coda across its funding rounds, including General Catalyst, Kleiner Perkins, Greylock, Khosla Ventures, Alumni Ventures and New Enterprise Associates.

Lead investors include Ontario Teachers' Pension Plan, Kleiner Perkins, Khosla Ventures and Greylock.


Coda Investors

Investors in Coda by funding rounds participated
InvestorHQRoundsRoleFirst check
General CatalystUnited StatesSan Francisco, CA3ParticipantJul 2014
Kleiner PerkinsUnited StatesSan Francisco, CA3LeadJul 2014
GreylockUnited StatesSan Francisco, CA3LeadJul 2014
Khosla VenturesUnited StatesSan Francisco, CA2LeadOct 2015
Hugo BarraUnited StatesSan Francisco, CA1ParticipantJul 2014
Bradley HorowitzUnited StatesSan Francisco, CA1ParticipantJul 2014
Castor VenturesUnited StatesBoston, MA1ParticipantJul 2021
New Enterprise AssociatesUnited StatesSan Francisco, CA1ParticipantOct 2015
Ontario Teachers' Pension PlanCanadaToronto1LeadJul 2021
Alumni VenturesUnited StatesUnited States1ParticipantJul 2021
NGP CapitalUnited StatesSan Francisco, CA1ParticipantJul 2021
Arba Seed Investment GroupUnited StatesSan Francisco, CA1ParticipantJul 2014
Renegade PartnersUnited StatesSan Francisco, CA1ParticipantJul 2021

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Acquisitions by Coda

Coda has acquired 1 company to date.

Last acquisition by Coda was on May 9th 2024. Coda acquired Plato for undisclosed valuation.


Latest Acquisitions by Coda

Plato
Description
Plato is a San Francisco-headquartered mentoring platform connecting engineering managers at tech firms with coaches from Google, Meta, Netflix, and Spotify. The service facilitates one-on-one video sessions, AMA events, and a knowledge base covering leadership skills like performance reviews and hiring. Serving over 5,000 users since 2020, it uses AI matching based on career stage and challenges.
HQ CountryUnited States
HQ City
San Francisco, CA
Deal Date9 May 2024
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Coda Competitors

Coda competitors include listed companies like Infomart and GigaCloud Technology, and private ones like airSlate, Typeform, Paddle and Route.

Public and private companies comparable to Coda
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
airSlateUkraineKievPrivate--$1.3B-
TypeformSpainBarcelonaPrivate$70M-$935M13.4x
PaddleUnited KingdomLondonPrivate$75M-$1.4B18.7x
RouteUnited StatesSalt Lake City, UTPrivate--$1.4B-
InfomartJapanJapanPublicly listed$121M$31M$1.2B8.6x
GigaCloud TechnologyUnited StatesUnited StatesPublicly listed$1.3B$158M$1.9B1.4x

Coda Public Comps

Coda is no longer listed, but its public comps include Wondershare, Ireader, Infomart, Lightspeed Commerce, Opera, Weaver Network, McMillan Shakespeare, Rezolve AI, Shiprocket and Planisware.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Wondershare$229M($6M)6.3x6.4x(231.3x)(175.1x)
Ireader$484M($16M)2.7x3.5x(81.1x)-
Infomart$121M$31M9.3x8.6x35.9x31.7x
Lightspeed Commerce$1.2B($13M)0.7x0.7x(65.4x)11.0x
Opera$615M$141M2.4x2.1x10.5x9.2x
Weaver Network$341M$43M4.4x4.2x34.6x28.3x
McMillan Shakespeare$336M$179M4.5x3.5x8.4x11.4x
Rezolve AI$47M($109M)23.3x4.0x(10.0x)(19.3x)

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Common questions about Coda

When was Coda founded?Coda was founded in 2014.
Where is Coda headquartered?Coda is headquartered in San Francisco, CA, United States.
Is Coda publicly listed?No, Coda was acquired by Grammarly in December 2024.
Who acquired Coda?Coda was acquired by Grammarly in December 2024.
What is Coda's valuation?Coda was last valued at $1.4B in its Series D in July 2021.
How much funding has Coda raised?Coda has raised $240M across 4 funding rounds.
What was Coda's last funding round?Coda's last funding round was a $100M Series D in July 2021, led by Ontario Teachers' Pension Plan.
Who are Coda's investors?Coda's investors include General Catalyst, Kleiner Perkins, Greylock, Khosla Ventures, Hugo Barra, Bradley Horowitz, Castor Ventures, New Enterprise Associates, Ontario Teachers' Pension Plan, Alumni Ventures and 5 others.
Which companies are comparable to Coda?Companies comparable to Coda include airSlate, Typeform, Paddle, Route, Infomart and GigaCloud Technology.
How many companies has Coda acquired?Coda has acquired 1 company, including Plato.

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