Pendo, a US-based digital marketing technology provider backed by customer relationship management software producer Salesforce, raised $50m yesterday in a round led by venture capital firm Sapphire Ventures.
Sapphire was joined by growth equity firm Meritech Capital and VC firms Geodesic Capital, FirstMark Capital, Battery Ventures, Spark Capital and Contour Venture Partners.
Pendo has built a software platform that combines customer feedback and customer usage data to help businesses understand in detail how their products are used and which elements need to be adapted or enhanced.
The company said the latest round increased its overall funding to $106m. It will use the latest capital to invest in sales and marketing, product development and the expansion of its presence in Europe and Asia.
Pendo had previously received $25m in a July 2017 series C round led by Meritech and backed by Salesforce unit Salesforce Ventures, Contour, Battery Ventures, Spark Capital, Core Capital Partners and IdeaFund Partners.
Salesforce Ventures first invested in Pendo as part of its $11m series A round in 2015, participating alongside Battery Ventures, Contour Venture Partners, Core Capital Partners and IdeaFund Partners.
All the series A investors returned for a $20m series B round in late 2016 that was led by Spark Capital.
Todd Olson, Pendo’s co-founder and chief executive, said: “As Pendo has evolved, we have recognised that virtually every company is now in the software business.
“This funding will help us accelerate our growth within and well beyond [software-as-a-service], where Pendo becomes the preferred platform for product teams in any native digital enterprise, as well as traditional enterprises undergoing a digital transformation.”