Apptio, a Bellevue, WA-based provider of on-demand Technology Business Management (TBM) solutions, raised $16.5m in an oversubscribed series C round of funding.
The investment was led by Shasta Ventures, with participation from all existing investors including Andreessen Horowitz, Greylock Partners and Madrona Venture Group.
The funding will be used to scale Apptio’s business across all functions and accelerate growth into new markets.
The company’s Saas-based Technology Business Management (TBM) solution enable IT leaders to manage the cost, quality and value of IT Services by providing visibility into the total cost of IT services, communicating the value of IT to the business and strategically aligning the planning, budgeting and forecasting processes.
Apptio’s customers currently include Alaska Airlines, Blue Cross Blue Shield, BNP Paribas, Cisco, EMD Chemical, Expedia, Hallmark, JPMorgan Chase, Saint Luke’s Health System, Starbucks and Volkswagen Credit, among others.
To meet the increasing demand for its solutions, the company has hired more than 30 employees since the beginning of the year, with 30 additional hires expected by the end of 2010.
Apptio also operates a European office, in London, UK.