Domo Closes $200 Million at $2 Billion Valuation in Financing Round Led by BlackRock
Capital Group and Glynn Capital Management Join Current Investor GGV Capital to Complete the Round
SILICON SLOPES, Utah – April 8, 2015 – Domo, provider of the world’s first business management platform, today announced it has closed $200 million in Series D financing at a valuation of $2 billion. BlackRock led the round, Capital Group and Glynn Capital Management participated, and previous investor GGV Capital joined in a significant way.
This new capital infusion will fuel Domo’s efforts to meet the growing demand for Domo’s cloud-based business management platform, which was publicly unveiled today. This round brings Domo’s total funding to more than $450 million.
“No one has been able to make BI work, especially that last mile of making data directly available to the business user,” said Josh James, Domo founder and CEO. “Domo makes that last mile a reality. We’ve built five distinct products and brought them together in one elegant platform to simplify for business users the entire process of accessing and leveraging business data.”
James continued, “Our goal has always been to grow very big, very fast, while ensuring that our growth is sustainable. Since our last round, we’ve more than doubled our enterprise sales team and have continued to invest heavily in product. Now that the covers are off our product and an NDA is no longer required in the sales process, the pace at which we operate will exponentially accelerate. We’re excited to have the strength of the world’s largest and most influential investors behind us, plus the unwavering confidence of GGV as we push into the next phase of our growth. ”
Domo has signed more than 1,000 customers, is growing at more than 100 percent annually, and will close more than $100 million in business this year. Domo’s customers include the world’s most recognizable brands across all industries, including dozens from the Fortune 500 and several from the Fortune 10. Many of Domo’s customers are gathered this week at Domopalooza, where today’s announcements were made.
New investors BlackRock and Capital Group both bring global strength and scale to Domo through this round. BlackRock is the world’s largest investor and a Fortune 100 company, with $4.65 trillion assets under management. Capital Group, with $1 trillion under management, is the world’s third largest fund. Glynn Capital Management, an investor in Omniture and SuccessFactors, brings additional domain expertise, having made key investments in data-centric companies such as Cloudera, Facebook, LinkedIn and Palantir.
GGV has been extremely supportive since leading Domo’s Q4 2012 financing round, assisting in the recruitment of Domo’s CFO, Bruce Felt, and participating in every board meeting. GGV’s portfolio companies have achieved 18 IPOs since 2010, and include market leaders such as Alibaba Group, athenahealth, Buddy Media, Pandora, Square, SuccessFactors and Zendesk.
“Domo is defining the future of enterprise software and selling into a huge market that shows no bounds,” said Glenn Solomon, managing partner at GGV Capital. “Opportunities to invest in a company of Domo’s caliber are few and far between, which underscores how much we believe in Domo’s executive team and their ability to execute against a tremendously large and global market opportunity.”
Domo is a cloud-based business management platform that gives CEOs, managers and decision makers across the business the ability to make faster, more effective decisions by giving them one place to easily access all the information they need.
With more than $450 million in funding, Domo is backed by an all-star list of angels and investors including Benchmark, BlackRock, Capital Group, Fidelity Investments, Founders Fund, GGV Capital, Glynn Capital, Greylock Partners, IVP, salesforce.com, TPG Growth, T. Rowe Price, WPP and Zetta Venture Partners, plus CEOs of the world’s largest SaaS and Internet businesses.
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, Google, LinkedIn, MLB.com, Omniture, salesforce.com, SuccessFactors and SAP.
Domo and Domopalooza are trademarks of Domo, Inc