Domo, a US-based business optimisation software provider that counts enterprise software producer Salesforce.com and marketing firm WPP among its backers, has secured $100m in series D2 financing.
Investment management firm Blackrock led the round, which valued Domo at $2.3bn post-money, and was joined by participants including undisclosed family offices. A regulatory filing indicates the company aims to close the round at $200m.
Domo has created a customisable cloud-based platform that enables enterprises to efficiently manage their data in order to make better business decisions. The new financing will be spent on international growth and product development.
The company has now raised almost $700m since it was founded in 2010. It emerged from stealth in 2015 with $200m of series D funding it had raised from BlackRock, Capital Group, Glynn Capital and GGV Capital at a $2bn valuation.
Financial services firm Credit Suisse joined unnamed additional investors to add $130m to the series D round in March 2016.
Salesforce had invested in Domo as part of a $125m round in 2014 that valued it at $825m, and which included GGV, TPG Growth, Dragoneer Investment Group, Fidelity Investments, Morgan Stanley Investment Management, T. Rowe Price, Viking Global Investors, Greylock Partners, Institutional Venture Partners and Mercato Partners.
WPP had participated in the company’s $10m angel round in 2011 alongside venture capital firms Hummer Winblad Venture Partners and Andreessen Horowitz as well as a number of individual investors.
Josh James, founder and chief executive of Domo, said: “As a private company, we have flexibility to invest and experiment with revolutionary ways to deliver data into the hands of business decision makers, to drive more effective and efficient decisions.
“We will continue to make significant investments in our platform to ensure that both new and existing customers become even more successful by leveraging the power of Domo.”