Fast-growing Raleigh software firm Pendo raises $150M for ‘aggressive global expansion’Date Published:
Pendo is now valued at $2.6 billion, after closing a $150 million Series F round led by B Capital Group, which the company announced today.
This is a big round of funding. Only Epic Games’ $1 billion raise earlier this year ranks larger in North Carolina deals, according to CB Insights data.
With the funding, Pendo plans to fuel an “aggressive global expansion, strategic acquisitions and continued innovation,” according to a statement.
“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 in a statement.
The company also announced it had surpassed $100 million 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 in a statement. “Pendo’s fundamentals, growth and ever-improving product suite further position them for success and global expansion.”
The company anticipates increasing influence of chief product officers in the executive suite, and that those company leaders will need data and tools that will enable enhanced experiences.
It’s the demand for those types of tools and solutions that is driving Pendo’s growth, the company said.
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, also participated in the Series F, the company said.
The company told WRAL TechWire it planned to hire as many as 400 people in 2021.
Source: WRAL TechWire