Portugal news - Investment in Portuguese AI startup Rows reaches 30 million euros with a new investment round of 8 million euros led by Indico Capital.
Portuguese software startup Rows, that was accelerated at UPTECH, has offices in Porto and Berlin and was founded in 2016 by Humberto Ayres Pereira and Torben Schulz.
Spreadsheets represent a global market of over 1 billion users, with the largest market share being in the US. Portuguese company Rows created the world’s first AI spreadsheet that already has 800,000 users and the north American market already represents 35% of sales. Even though their direct competitors are Google Sheets and Microsoft Excel, Portuguese software company Rows fully intends to conquer this market and to create a paradigm shift since their product is more user-friendly due to the use of AI.
The company’s success started when a user decided to create a video about the product, that was totally free at the time, which went viral. It had 30 million views and 100,000 shares, a success that motivated other creators to do the same and that generated a lot of organic traffic to the platform. The Portuguese company quickly became an international success, appearing on TV shows globally including in Argentina and Korea. Currently, AWS, Hewlett-Packard, Prisma Media and Mercado Livre are some of the companies that are part of the client portfolio of Rows.
In February 2021, Rows closed a Series B funding round of 16 million dollars led by VC fund Lakestar, with the participation of Accel, Cherry Ventures and Portuguese funds Armilar and Shilling. With the new funding round, Portuguese tech startup Rows intends to accelerate its expansion in the US, the UK, and other European countries.
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