Smartsheet raises $1.25 Million in B Round

Bellevue-based Smartsheet has just raised $1.25 million from Madrona Venture Group and their own Chairman in their B Round.

”There’s no better investment in today’s economy than in your own team,” said Brent Frei, Executive Chairman of Frei’s consistent advice to friends, colleagues and family has been to “Invest in Yourself” – “I’ve followed my own investment advice and put my money where I know the team, product and plan are stable and growing. Our modest $1.25M B round should take us to profitability in 2010 and beyond. Plus, there’s no better time to double down on yourself than when the tailwinds are out of everyone’s sail and you have strong rowers. Market inertia won’t be driving your competitors around you, they’ll have to put their backs to the oars if they expect to survive.”

Smartsheet offers a collaborative online spreadsheet service. The company has raised $5.56 million since its inception in 2006. Smartsheet currently boasts 65,000 users across 30 countries.

The cash infusion will help Smartsheet expand into its focused market, and work on some product development.

Is anyone else out there taking Frei’s advice and investing in their own team?