Raleigh startup Pendo – founded by serial entrepreneurs and Rally Software vets – is ready for big time, shoveling in $11 million from high profile Silicon Valley venture capitalists to build up its product that improves the software development process.
Pendo co-founder Todd Olson and team spent nearly a year building out software that makes it easy for developers and project managers to measure user engagement with the apps and products they build, helping to inform future development. Since it launched in January 2014, Pendo has experienced 30 percent monthly user growth and is tracking more than a billion engagements per month through clients like FICO, SciQuest, Coupa, Invoca and others.
One of Coupa’s investors is now leading Pendo’s round. Battery Ventures has been around more than three decades and has invested in 300 companies, including Coupa, Groupon, ExactTarget, Glassdoor and Dollar Shave Club. It’s joined by Salesforce Ventures, an investment group within the software giant investing in enterprise cloud companies and funder of Pendo customer Invoca. The fund also recently invested in Wilmington banking software startup nCino’s $29 million round.
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