Pendo Raises $20M

12/21/16

A Raleigh-based software company has raised nearly $20 million in a private offering, according to a Securities and Exchange Commission filing.

Pendo.io Inc., which was founded in 2013, raised the money from 10 investors, according to the filing. According to the company, the financing was led by Spark Capital with participation from existing investors Battery Ventures, Salesforce Ventures, Contour Venture Partners, Core Capital Partners, and IDEA Fund Partners.

The company previously raised $11 million in October 2015.

Pendo.io provides software that helps companies to measure and elevate the customer experience within their applications.

The company says its customer count has grown 30x over the last 24 months and recurring revenues have grown by 400 percent over the last 12 months. Pendo is now tracking over 6 billion user actions per month.

The company’s CEO is Todd Olson, who was previously the vice president of products at Rally Software Development. He also was a co-founder of Cerebellum and Sixth Sense Software.

Private companies similar to Pendo.io, which rely on a Reg D exemption, aren’t required to register securities offerings with the SEC, but instead they must file a Form D electronically with the SEC after they sell the securities.

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