Pendo Raises Another $25 Million

7/20/17

By Chris Roush, NC BIZ News

A Raleigh-based software company has raised $25 million in a private equity offering, according to a Securities and Exchange Commission filing on Thursday.

Pendo.io Inc., which was founded in 2013, raised the money from 11 investors, according to the filing. Meritech Capital Partners, a Silicon Valley-based venture capital investor, was the lead investor.

The investment round includes additional participation from existing investors Battery Ventures, Contour Venture Partners, Core Capital Partners, IDEAFund Partners, Salesforce Ventures and Spark Capital.

Pendo also raised $20 million last year and previously raised $11 million in October 2015. The company has recently opened offices in New York and San Francisco and has more than 100 employees.

Pendo.io, which was founded in 2013, provides software that helps companies to measure and elevate the customer experience within their applications.

The company says its customer count has grown 30x over the last 24 months and recurring revenues have grown by 400 percent over the last 12 months. Pendo is now tracking over 6 billion user actions per month.

The company’s CEO is Todd Olson, who was previously the vice president of products at Rally Software Development. He also was a co-founder of Cerebellum and Sixth Sense Software.

Private companies similar to Pendo.io, which rely on a Reg D exemption, aren’t required to register securities offerings with the SEC, but instead they must file a Form D electronically with the SEC after they sell the securities.

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