Raleigh-based startup Pendo continues to raise investment capital in red-hot fashion, landing a new round of $25 million. The four-year-old company has now raised $45 million in the past six months.
Pendo announced the new funding Thursday.
Silicon Valley-based Meritech Ventures led the round and landed a board seat as part of the deal with the firm’s general partner Rob Ward joining the Pendo board.
Other investors in the round include previous investors IDEA Fund Partners in Durham along with Battery Ventures, Contour Venture Partners, Core Capital Partners, Salesforce Ventures and Spark Capital.
- VIDEO: Watch a video about the funding news at: https://www.youtube.com/watch?v=1nLekmeYPIc
With the new funding, Pendo plans to open offices in New York and San Francisco.
The company also plans to expand its engineering team.
“Experience is no longer a nice-to-have for software products, we see an enormous opportunity to help companies improve their product experiences,” said Todd Olson, Chief Executive Officer of Pendo, in a statement. “We are excited to partner with Meritech Capital Partners who will enable us to invest more aggressively and realize our potential.”
Pendo’s software platform is designed to improve customer experiences. “Pendo helps us truly understand and improve the experience we deliver to each of the different roles in our product. It should be an essential part of every company’s technology infrastructure,” said one customer in the announcement.
Its clients include Citrix, which has a large operation in Raleigh.
“In the past decade we’ve seen software disrupt and transform industries and job roles over and over again. Today, all successful companies need to be in the software business, and all of them need to care about their product experience,” Ward dsif. “At Meritech we seek category-defining companies, and Pendo is well on its way to becoming a market leader as evidenced by its fast growth and incredibly enthusiastic customers.”
