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DOMO secures $33M from Benchmark Capital in series A round, raising total funding to $43M
Capital Will Help New Software-as-a-Service Company Launched By Omniture Co-Founder Josh James Redefine Business Intelligence
SALT LAKE CITY– July 13, 2011 – Domo, a new SaaS company launched by Omniture co-founder and decade-long CEO Josh James, today announced it has secured $33 million from Benchmark Capital in a Series A round. This round brings total investment in Domo to $43 million. Matt Cohler, General Partner of Benchmark who was the fifth employee at Facebook and a founding team member at LinkedIn, led the deal and has joined Domo's board.
The capital will be used to help Domo rapidly advance its SaaS-based solution designed to drive value from the tens of billions of dollars that have been spent on traditional business intelligence (BI) systems.
"To build a great company, you need three things – a big market, great people and funding," said James. "We couldn't be more pleased to have Matt Cohler and Benchmark Capital on our team. Matt's background with the consumer Web and Benchmark's expertise will be huge assets as we seek to redefine BI through an entirely new user experience." Benchmark has backed well-known Internet and Big Data companies such as Twitter, eBay and MySQL.
"At Benchmark we are focused on working with great entrepreneurs and innovative early-stage companies that show enormous potential. There is no doubt that Josh and his team are building the next great software-as-a service company," said Cohler. "Domo sits at the intersection of three dominant trends – big data, cloud computing and the consumerization of IT – and we think they complement our existing portfolio of cloud investments perfectly."
Earlier this year, Domo announced a $10 million angel round from other industry leaders and visionaries. These investors include individual angels, venture capital firms that often participate in early-stage rounds, as well as individuals who were on the board of directors of Omniture. Omniture is a SaaS company co-founded by James who served as its CEO until selling the business to Adobe in 2009 for $1.8B.
About Domo Technologies, Inc.
Domo, through its executive management platform, transforms the way executives manage their business. Domo's founding team consists of some of the most sought after talent in the industry with experience that includes Amazon, American Express, Ancestry.com, eBay, Endeca, Facebook, LinkedIn, MLB.com, Omniture, and salesforce.com, amongst others. Domo’s all-star line up of investors features the Who's Who of SaaS, venture capital and Internet technology. Visit www.domo.com for more information.
Media Contact: Julie Kehoe