Raleigh NC: Raleigh’s Pendo Raises $50 Million to Expand its Cloud-based Product Platform to the EU
Pendo, a Raleigh, North Carolina-based software company that develops tools for enterprise product teams, today announced a $50 million round of funding, led by Palo Alto’s Sapphire Ventures. New investors in the round include Geodesic Capital and FirstMark Capital, while existing investors Pendo investors Battery Ventures, Spark Capital, Meritech Capital, and Contour Venture Partners also participated.
The company was founded in 2013, and cofounder and CEO Todd Olson said in a phone interview with VentureBeat that Pendo now has around 700 customers and that revenue has grown nearly 170 percent year over year. Olson declined to say what Pendo’s total revenue was last year, but he said it is “comfortably in the double-digit millions.” Pendo’s customers include Zendesk, Namely, and Sprinklr.