Domo, a software-as-a-service (SaaS) venture launched by Omniture co-founder Josh James to redefine the business intelligence market and transform the way business is managed, today announced it has closed $125 million in Series C financing, bringing total funding to more than $250 million.
TPG Growth, the middle market and growth equity investment platform of TPG, led the round and will take a board seat. Dragoneer Investment Group, Fidelity Investments, Morgan Stanley Investment Management, salesforce.com, T. Rowe Price and Viking Global Investors also participated; while previous investors GGV Capital, Greylock Partners, IVP and Mercato Partners also joined the round. Allen & Company LLC served as an advisor.
With annual growth far exceeding 100 percent, Domo is experiencing sequential quarterly sales growth between 25 and 40 percent and has signed roughly 500 customers.
"We spent our first two years developing a product to change the face of enterprise software and to change the speed of business," said James. "Over the last year, we built up our leadership team and have created a solid foundation for sales and marketing. We've been closing deals at an unprecedented rate and our reps are regularly blowing past quota. This additional capital will enable us to further expand sales as quickly as possible and will ensure that we can achieve our goals in an incredibly profound way."
James added, "At Omniture, I learned the importance of building relationships with public investors as a private company. With an eye towards becoming a public company, it's rewarding that we were able to achieve this objective and attract the best of the best."
Domo's relationship with lead-investor TPG started from personal conversations between James and TPG founding partner David Bonderman. "During those talks, we had a meeting of the minds, and it became clear that TPG's deep, global experience scaling market leading enterprise software businesses could add considerable value to the Domo franchise," said James.
"Domo offers a differentiated technology, a formidable management team and a huge, untapped opportunity," said Bonderman. "We are pleased to provide capital and expertise to accelerate the company's growth."
TPG is a global private investment firm with more than $55 billion in capital under investment. TPG has invested in market leaders such as Uber, J.Crew, Neiman Marcus and Survey Monkey.
Domo serves executives across the enterprise in a range of industries including media and entertainment, retail, travel and leisure, technology, healthcare, financial services and higher education, to name a few.
James shared that customers are responding to Domo's ability to bring together all of the data they care about in one place. Domo also combines, for the first time, technologies and capabilities that deliver an entirely new user experience in enterprise software. And while, still, few people have seen what Domo does, the company expects and is looking forward to taking the covers off its stealth solution this year.
"The excitement in the market for Domo is palpable," said Chris Harrington, president of Domo. "We've been selling under NDA for just more than a year and have been operating at a velocity that exceeds anything I've ever seen in my 25 years of sales. This new round of funding will ensure we are ready to fully capitalize on the tremendous opportunity ahead of us when we publicly unleash our solution to the marketplace."
"We feel there is an inevitability around our business," said James. "We have to execute, but the market size and customer response inspires all of us at Domo. These factors continue to help us attract great employees, investors and other partners. We are humbled by the attention and investment and look forward to delivering on the vision with happy customers and employees as the hallmark of our existence."
Edited by Gordana Davila
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