"We're encouraged by the belief investors and customers have in the power of Domo to transform business. The new capital, with the experience of our A-list team of investors, gives us incredible fuel and flexibility to accelerate growth."According to James, there was a tremendous response from investors this round, and the company raised twice the amount they intended, having to turn away more than $50 million in additional funds for this round. Domo's success is rooted in its unique business model:
"We're serving an enormous population that has tremendous purchasing authority, but has been completely ignored by traditional vendors," James explained. "We believe this is a key factor in the ridiculously short sales cycles we are experiencing."
"Domo has a much larger addressable market than Omniture because it is focusing on executives across the organization, " added Fraser Bullock, co-founder and managing director at Sorenson Capital and co-founder of Bain Capital. "Given Josh's track record and the experience of the team he's assembled, I couldn't be more bullish about Domo's prospects to become one of the most transformational enterprise software companies in history."Domo is a cloud-based executive management platform founded in 2011. For marketing professionals, Domo offers real-time marketing intelligence: marketing automation, CRM, web analytics and social data. For details and demo, see Domo for marketers.
