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URL: https://www.bloomberg.com/news/articles/2021-07-27/tiger-backed-startup-pendo-raises-funds-at-2-6-billion-value
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Source: Pendo

deals


TIGER-BACKED STARTUP PENDO RAISES FUNDS AT $2.6 BILLION VALUE

By
Katie Roof
and
Liana Baker
July 27, 2021, 10:00 AM GMT
 * Silver Lake Waterman joins round as new Pendo investor
 * Analytics software firm’s CEO says IPO to be considered


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Pendo, a startup that helps companies develop better software products, has
raised $150 million at a $2.6 billion valuation with an initial public offering
potentially on the horizon.

B Capital, the venture capital firm started by billionaire Facebook Inc.
co-founder Eduardo Saverin and backed by management adviser Boston Consulting
Group, is leading the round, Pendo Chief Executive Officer Todd Olson said in an
interview.




Silver Lake Waterman, a fund that focuses on investing in pre-IPO companies
according to Silver Lake’s website, is joining as a new investor in Pendo, Olson
said. Existing investors including Battery Ventures, General Atlantic, Tiger
Global Management and Sapphire Ventures are also participating in the round.




Pendo, based in Raleigh, North Carolina, has raised $356 million to date and was
valued at $1 billion in 2019 in its last funding round, Olson said.

Pendo’s platform helps developers gather data on how customers use their
applications. Its clients include identity-verification software company Okta
Inc. and Toast, a maker of software for restaurants, according to Pendo’s
website.



Rashmi Gopinath, general partner at B Capital, said Pendo “provides almost a
one-stop solution for product managers to get access to all of the insights that
they need on product usage and product adoption.” She said her firm is generally
optimistic about investing in the so-called future of work category.



Todd Olson, Erik Troan, Rahul Jain and Eric Boduch

Source: Aaron Thaddeus/Pendo

Pendo generates $100 million in annual recurring revenue, Olson said. The
company will consider an IPO “sometime next year,” he said.

One of Pendo’s competitors, Amplitude, said this month that it had filed
confidentially with the U.S. Securities and Exchange Commission to go public
through a direct listing.



Pendo is named after the Latin word for value. Before he started Pendo, Olson
was a senior executive at Rally Software, which is now a Broadcom Inc. unit.



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