Product Cloud Focused Pendo Raises $100 Million, Valued at $1B
Pendo, a Raleigh, North Carolina based product cloud company, announced it raised new funding.
The startup closed on a $100 million Series E funding round, raised by Sapphire Ventures, which led this round. Participating investors are Battery Ventures, Meritech Capital, Geodesic Capital, Cross Creek, FirstMark, and new investors General Atlantic and Tiger Global.
Pendo to date has raised $206 million in funding. It will use this new funding to accelerate its global expansion and power product development to meet growing demand for software that makes digital products easier to use.
Pendo reports this new funding brings its valuation to $1 billion, putting it on a long list of this year’s new unicorns.
“Product experience is how companies compete today, yet most digital products are still really hard to use,” said Pendo CEO and co-founder Todd Olson, in a statement. “Many product teams still lack the basic tools they need to understand what their customers want, why customers come back, or what drives them away. Companies can’t deliver great digital products if they can’t answer those basic questions. Pendo has built the most comprehensive platform available today to help any company that interacts with customers digitally to drive growth through better product experiences.”
Pendo’s success is fueled by rapid adoption by businesses and institutions. 1,200 customers use Pendo including Verizon, RE/MAX, Bright Horizons, Salesforce and Zendesk. Besides Raleigh, it has offices in New York City, San Francisco, London, Sheffield and Tel Aviv.