Docs Startup Almanac Raises $34M - Remote Work Investment

The Rise of Remote Work Tooling and Almanac's Series A Funding

With numerous organizations postponing their return to traditional office settings and increasingly adopting permanent remote work arrangements, startups specializing in tools for remote-first environments are experiencing substantial growth in their customer base.

Adam Nathan, CEO of Almanac, shared with TechCrunch that the transition to remote work is proving to be more than a temporary response to the COVID-19 pandemic. He notes that the company has witnessed significant revenue increases in recent months.

Almanac's Approach to Remote Collaboration

Almanac is focused on developing a document editor that incorporates features inspired by developer platforms like GitHub, such as version control.

The company is capitalizing on the shift to remote work by attracting new users through its open-source office document library, Core. They are also enhancing features to streamline processes like employee onboarding with an online company handbook builder.

Securing $34 Million in Series A Funding

Startups demonstrating rapid growth are often seeing shorter intervals between funding rounds. Following a $9 million seed round led by Floodgate last year, Almanac has now announced a $34 million Series A round.

This latest funding round was led by Tiger Global, a prominent investor during the pandemic. Floodgate also participated, alongside General Catalyst and a number of angel investors.

Challenging the Status Quo in Office Productivity

Almanac aims to establish its collaborative document editor as the preferred solution for companies embracing online productivity tools. This represents a challenge to traditional, locally-focused document editors.

While Google’s G Suite is gaining traction in the office productivity space, Microsoft Office currently maintains its position as the dominant market leader.

“We position ourselves as a next-generation competitor to Microsoft Office,” Nathan explains. “The existing product is not only outdated, but fundamentally unsuitable for modern work practices.”

The Growing Preference for Fully Remote Work

Investors have previously supported startups based on pandemic-driven trends that ultimately waned. However, the increasing move away from office or hybrid models toward fully remote work has become increasingly evident, as employees prioritize job flexibility.

Large technology companies, such as Facebook, have been adapting their policies to accommodate fully remote work for eligible employees. Conversely, Apple’s stricter return-to-office mandates have sparked both public and private dissent among its workforce.

Nathan anticipates this divergence will intensify as more companies confront the evolving work landscape.

“In my view, a true hybrid model is unsustainable,” he states. “Organizations must commit to one approach: either an office-centric culture or a ‘cloud culture.’ ”

Note: It has been clarified that Almanac finalized its seed funding round in May 2020, not earlier in the year as initially reported.