Pendo Raises $150M in Series F Funding


Pendo, a Raleigh, NC-based platform that accelerates product adoption, raised $150m in Series F funding.

The round, which brought total funding raised to date to $356m and its valuation to $2.6 billion, was led by B Capital Group, with participation from 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.

The company intends to use the funds to accelerate global expansion, strategic acquisitions and continued innovation in the platform.

Founded in 2013 by Todd Olson, CEO, Pendo provides a solution for companies to bridge the gap between how users expect software to work and their experience actually using it. It helps product and IT teams drive adoption of the software they build for customers or provide to internal employees. Customers include software companies and digital enterprises, including Verizon, RE/MAX, LabCorp, OpenTable, Okta, Salesforce, and Zendesk.

The company also announced it has surpassed $100 million in annual recurring revenue.