Product experience and adoption platform Pendo has announced its latest bumper funding round.
Pendo’s platform allows product and digital teams to help users adopt software more rapidly – both internally and in a customer-facing capacity. That’s accomplished via a combination of features including mobile onboarding, in-app guides, product engagement surveys, feedback and analytics. Its customers include the likes of Verizon, Okta, Salesforce and Zendesk.
The company’s latest Series F round saw $150mn of funding raised, led by B Capital Group alongside Silver Lake Waterman and existing investors Battery Ventures, Meritech Capital Partners, Sapphire Ventures, General Atlantic, Tiger Global Management, FirstMark Capital, Geodesic Capital, IDEA Fund Partners and Contour Venture Partners.
“When Was the Last Time Someone Called a Helpdesk for Instagram?”
“The wholesale shift to digital has exposed a gap between user expectations and reality—workers expect business software to be as easy to use as their personal apps, but when was the last time someone called a helpdesk for Instagram?” said Todd Olson, CEO and co-founder of Pendo.
“We built Pendo to bridge this experience gap, which is why our growth has paralleled software itself. This new investment allows us to innovate faster to serve product teams and their counterparts in IT, who are responsible for driving successful software adoption.”
Pendo associated its rise with the blooming job role of Chief Product Officer, which it said had jumped 41% on LinkedIn in the past three years. Having traditionally been seen as a role confined to technology companies, the job title is now being adopted at more traditional companies as a focus on experience becomes ever more important.
That builds on previous funds raised of $206mn since the company’s 2013 foundation and valued the firm at $2.6bn at a time when it has just surpassed $100mn in annual recurring revenue.
“Pendo is a pioneer and clear leader in the field of software for product teams, which we’ve seen become increasingly important to enterprises as they grow,” said Rashmi Gopinath, general partner at B Capital Group. “Pendo’s fundamentals, growth and ever-improving product suite further position them for success and global expansion.”
