BI SaaS Provider Domo Gets $60 Million Series B Funding
Business Intelligence software-as-a-service (SaaS) provider Domo, a venutre launched by Omniture co-founder Josh James, has recently closed a Series B financing round, raising $60 million. To date, the total funds invested in Domo account for more than $125 million.
In its early stages, Domo is already a successful business. Last week, the company announced signing up over 100 paying enterprise customers after selling for only six months. Domo is used by all kinds of enterprise customers, ranging from media and marketing, to retail, travel and leisure, technology, financial services and more.
Today, the company announced it has raised $60 million in Series B financing, in a round led by GGV Capital; Greylock Partners; Bezos Expeditions, Workday co-CEOs Aneel Bhusri and David Duffield; Founders Fund; and Mercato Partners. With the round complete, Aneel Bhusri and GGV partner, Glenn Solomon, will become Domo board observers.
The funding will be used to accelerate growth, Josh James explained:
“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.