Coda entered the walked with an ambitious but simple mission. Since launching in 2014, it has apparently paved the way for realizing its vision with $ 140 million in funding and 25,000 teams across the globe using the platform.
Coda is simple in that it focuses on the document, one of the oldest content formats / tools on the internet, and even in software history. Its ambition lies in the fact that there are massive incumbents in this space, like Google and Microsoft.
Co-founder and CEO Shishir Mehrotra told TechCrunch that this level of competition is not a barrier, mainly because the company is very good at communicating its value and creating very effective flywheels for growth.
Mehrotra was generous enough to let us take a look at her pitch doc (not her deck!) On a recent episode of Extra Crunch Live, not only delving into the factors that made Coda so successful, but also how he communicated these factors to investors.
Extra Crunch Live also features the ECL Pitch-off, where audience founders come “on stage” to present their products to our guests. Mehrotra and her investor, Madrona partner S. Somasegar, gave their live opinion on the audience’s pitches, which you can check out in the video (full conversation and pitch-off) below.
As a reminder, Extra Crunch Live takes place every Wednesday at 3 p.m. EDT / noon PDT. Anyone can go out during the episode (this includes networking with other attendees), but access to past episodes is reserved exclusively for Extra Crunch members. Join us here.
The sweet circle
Like many investors and founders, Mehrotra and Somasegar met long before Mehrotra worked on her own project. They met while they both worked at Microsoft and had a relationship while Mehrotra was at Google.
When they started out together, conversations centered around advice on Seattle’s tech ecosystem or working with a particular team at Microsoft.
“A lot of people will tell you to build investor relationships… you want to do it as much as possible outside of fundraising,” Mehrotra said.
Eventually, Mehrotra got down to work on Coda and kept in touch with Somasegar. He even proposed it for the Series B fundraiser – and ultimately got a no. But the relationship persisted.