Raleigh-based Pendo, a data-driven platform that helps companies deliver what it calls great software product experiences, announced Monday that it has raised $20 million in Series B financing, led by Spark Capital with participation from existing investors Battery Ventures, Contour Venture Partners, Core Capital Partners, IDEA Fund Partners and Salesforce Ventures.
As part of the financing, Spark Capital General Partner Megan Quinn will join Pendo’s board of directors.
Founded in 2013, Pendo sells software that gives product managers and teams with an integrated platform to better understand and improve the product experience.
According to the company, without requiring any engineering resources, organizations can use Pendo to extend their product to capture all user behavior, gather feedback, and provide contextual help inside their applications.
This combination of capabilities enables companies to create a personalized, adaptive experience for each and every user.
The company grew its customer base 30X and boosted recurring revenue 400 percent over the last 24 months. Current clients include Coupa, FICO, Infor, Optimizely and Rapid7, among others.
“Pendo has given us visibility into our product that we couldn’t get anywhere else,” said Josh Merrill, head of product & marketing at eShares Inc in a statement.
“Put simply, Pendo helps companies deliver a great product experience,” said Todd Olson, CEO of Pendo in the announcement, “There is no reason software can’t be at least as easy to use as consumer products. When a company truly understands its users, they can personalize and adapt the experience inside their product to make their users more productive,”
