RALEIGH — Cloud tech startup Pendo is officially a “unicorn,” hitting the rarified $1 billion valuation mark after securing $100 million in its round of funding, the company announced today.
It’s not entirely unexpected that Pendo is a unicorn, a term that dates to 2007 and is used to define a tech startup still privately held reaches a valuation of $1 billion based on private and public investment. The status remains relatively rare with Cary-based Epic Games and Wilmington-based nCino recently reaching the status.
CEO and founder Todd Olson, 43, had hinted a few months back that the company was “pretty darn close” to the $1 billion mark. But this achievement is no less significant, especially considering the firm’s humble beginnings at HQ Raleigh just six years earlier.
Last September, Pendo raised $50 million, pushing its funding total at that time to $106 million.