Pendo, a Raleigh, North Carolina-based software company that develops tools for enterprise product teams, today announced a $50 million round of funding, led by Palo Alto’s Sapphire Ventures. New investors in the round include Geodesic Capital and FirstMark Capital, while existing investors Battery Ventures, Spark Capital, Meritech Capital, and Contour Venture Partners also participated.
The company was founded in 2013, and cofounder and CEO Todd Olson said in a phone interview with VentureBeat that Pendo now has around 700 customers and that revenue has grown nearly 170 percent year over year. Olson declined to say what Pendo’s total revenue was last year, but he said it is “comfortably in the double-digit millions.” Pendo’s customers include Zendesk, Namely, and Sprinklr.
Pendo has raised a total of $106 million in venture capital funding, which the company claims is the highest amount of money raised by a Raleigh software company in nearly two decades. Olson said that Pendo plans to use the new round of financing to expand to Europe and to invest more in mobile — the company acquired an Israeli firm called Insert last year to do just that.
Pendo sells a cloud platform that helps companies — primarily in the B2B space — better capture product usage data by page and by feature, as well as garnering user feedback through in-app polls. This puts Pendo in competition with both messaging companies like WalkMe and enterprise analytics services like Mixpanel.
Analytics and customer feedback features may be readily accessible to many product teams within consumer tech companies, but Olsen…