Pendo, a US-based digital marketing software provider backed by enterprise software producer Salesforce, secured $150m in series F funding on Tuesday, reaching a valuation of $2.6bn.
Investment firm B Capital Group led the round, which also featured Silver Lake Waterman, hedge fund manager Tiger Global Management, growth equity firms Meritech Capital Partners and General Atlantic and venture capital firms Battery Ventures, Geodesic Capital, FirstMark Capital, Sapphire Ventures, Contour Venture Partners and Idea Fund Partners.
Founded in 2013, Pendo has created a cloud-based platform that utilises customer feedback and usage data to offer insights into how users interact with apps and highlight which elements need to be adapted or optimised.
Pendo’s customers include Verizon, Re/Max, LabCorp, OpenTable, Okta, Salesforce and Zendesk, and it said it has surpassed $100m in annual recurring revenue. The funding will accelerate global expansion, fuel its M&A strategy with strategic acquisitions and boost platform development and innovation.
The round brings the total raised by the company to $356m. It secured $100m in an October 2019 series E round led by Sapphire Ventures with contributions from Tiger Global, Meritech, Battery Ventures, FirstMark, Geodesic Capital and Cross Creek.
Sapphire Ventures also led a $50m series D for Pendo that was completed in 2018, with backing from Meritech, Geodesic Capital, FirstMark, Battery Ventures, Spark Capital and Contour Venture Partners.
The 2018 round followed a $25m series C the previous year led by Meritech that also featured Salesforce Ventures, the corporate venturing arm of Salesforce, as well as Battery Ventures, Contour Venture Partners, Core Capital Partners, IdeaFund Partners and Spark Capital.
Salesforce Ventures had previously taken part in the company’s $20m series B round, in 2016, which was led by Spark Capital and which included Battery Ventures, Contour Venture Partners, Core Capital Partners and Idea Fund Partners.
Pendo had raised $11m in a 2015 series A round led by Battery Ventures and backed by Salesforce Ventures, Idea Fund Partners and existing investors Contour Venture Partners and Core Capital Partners.