Pendo announced it has raised $25 million in Series C financing led by Meritech Capital Partners. The round includes additional participation from existing investors Battery Ventures, Contour Venture Partners, Core Capital Partners, IDEAFund Partners, Salesforce Ventures and Spark Capital.
In addition, Meritech Capital Partners’ General Partner Rob Ward will join Pendo’s board of directors. Pendo has raised $56 million to date — $45 million in the last six months.
Pendo is a platform that helps companies deliver exceptional customer experiences in their products. In 2016, Pendo’s revenues more than quadrupled and its customer base grew to hundreds of leading software companies including Citrix, Coupa, Gainsight, Henry Schein, Infor and Optimizely. Pendo now tracks over 20 billion user actions and improves the product experience of over 22 million users every month.
The new funding will be used to scale Pendo’s engineering team as well as make strategic investments to accelerate growth. Additionally, Pendo is announcing new offices in New York and San Francisco to better serve its customer base.
“In the past decade we’ve seen software disrupt and transform industries and job roles over and over again. Today, all successful companies need to be in the software business, and all of them need to care about their product experience. At Meritech we seek category-defining companies, and Pendo is well on its way to becoming a market leader as evidenced by its fast growth and incredibly enthusiastic customers,” said Meritech General Partner Rob Ward.
“Our software has to serve a number of different roles in each practice. As a SaaS product, we have to deliver enough value for a customer to not only purchase, but to renew their subscriptions over and over again. This is where Pendo comes in. Pendo helps us truly understand and improve the experience we deliver to each of the different roles in our product. It should be an essential part of every company’s technology infrastructure,” said Bradley LaFave, Product Marketing Manager at WebPT, an electronic medical record (EMR) platform for the physical therapy industry.
“Experience is no longer a nice-to-have for software products, we see an enormous opportunity to help companies improve their product experiences. We are excited to partner with Meritech Capital Partners who will enable us to invest more aggressively and realize our potential,” said Todd Olson, Chief Executive Officer at Pendo.