US-based business intelligence software provider Adaptive Insights closed a $75m series G round yesterday backed by Norwest Venture Partners, the venture capital firm managing funds for financial services firm Wells Fargo.
The round was led by growth equity firm JMI Equity and also featured Onset Ventures, Bessemer Venture partners, Cardinal Venture Capital, Monitor Ventures and Information Venture partners.
Adaptive Insights, founded in 2003 as Adaptive Planning, has developed a cloud-based software-as-a-service that enables companies to monitor and analyse financial and operational performance, helping businesses to scale efficiently.
The series G funding will be used for product development and to increase global market share. The platform is currently used by more than 2,700 companies.
Adaptive has raised $176m to date. Cloud computing company Salesforce.com and Norwest contributed to a $45m series F round in 2013 that was led by Bessemer and which included RBC Ventures, the venture capital division of financial services firm Royal Bank of Canada.
Onset, Cardinal, Monitor and angel investor Jeff Epstein also invested in the series F round. Norwest previously led a $22m series E round in 2012, participating alongside Cardinal, Monitor, Onset and Clairmont Ventures.