Pendo, a US-based digital marketing software provider backed by enterprise software producer Salesforce, collected $100m yesterday in a series E round led by venture capital firm Sapphire Ventures.
Hedge fund manager Tiger Global Management, growth equity firm Meritech Capital and venture capital firms Battery Ventures, FirstMark, Geodesic Capital and Cross Creek also took part in the round, which valued Pendo at $1bn.
Founded in 2013, Pendo operates a cloud-based platform that offers insights into how users interact with an app, and helps businesses to communicate with their customers and collect feedback.
Proceeds from the round have been allocated to accelerating global expansion and product development efforts. It follows Pendo’s acquisition of product intelligence platform Receptive in March this year, in a bid to further bolster its qualitative feedback gathering capabilities.
Pendo has now raised $206m in funding altogether. Meritech led a $25m series C round in 2017 that included Salesforce Ventures, the corporate venturing arm of Salesforce, as well as Contour Venture Partners, Battery Ventures, Spark Capital, Core Capital Partners and IdeaFund Partners.
The latter six investors also participated in the company’s $20m series B round in 2016, which came after an $11m series A round the previous year. Battery Ventures led that round, investing alongside Salesforce Ventures, Contour Venture Partners, Core Capital Partners and IdeaFund Partners.
