Domo Closes $60 Million Series B Financing, Bringing Total Funding To More Than $125 Million
GGV Capital, Greylock Partners, Jeff Bezos, Founders Fund and Mercato Partners Invest in Round; Previous Investors, IVP and Fraser Bullock, Participate in Significant Way
SILICON SLOPES, Utah – March 11, 2013 – Domo, a new software-as-a-service (SaaS) venture launched by Omniture co-founder Josh James to redefine the business intelligence market, today announced it has raised $60 million in Series B financing. This announcement follows last week’s news that Domo has 100 paying enterprise customers after selling for only six months. These funds bring total investment in Domo to more than $125 million.
GGV Capital; Greylock Partners; Bezos Expeditions, the personal investment company of Jeff Bezos; Workday co-CEOs Aneel Bhusri and David Duffield; Founders Fund; and Mercato Partners, amongst others, invested in this round. In addition, IVP and Sorenson Capital’s Fraser Bullock, previous investors who were the first to commit to this series, doubled down. BYU’s student run venture fund, Cougar Capital, also participated. Aneel Bhusri and GGV partner, Glenn Solomon, will become Domo board observers.
“Domo’s first two years were spent building a product to change the way people think about enterprise software,” said James. “Then we began selling and raising capital to strengthen the balance sheet in preparation for our next phase of growth. We had an amazing response and raised twice the amount we intended. Investors with whom we met said they had never seen anything like Domo, and we ended up turning away more than $50 million in additional funds for this round. 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.”
“GGV has a relentless focus on working with outstanding entrepreneurs to build category-leading companies,” said Glenn Solomon, GGV partner. “Domo has built an amazing experience for business users and is poised for unprecedented growth. We are excited to work with Josh and his team helping Domo continue on its phenomenal trajectory.”
“I met Josh several years ago and have become a big fan over the years,” said Bhusri. “Josh, starting Omniture in 1996, was one of the pioneers of the cloud model. I am excited to help him and his team further disrupt the way business is managed and expect Domo to become one of the next breakout enterprise technology companies.”
After selling for only six months, Domo’s 100-plus revenue-generating enterprise customers are from numerous industries including media and marketing, telco, retail, travel and leisure, technology, financial services and professional services, to name a few.
James added that Domo customers are responding to Domo’s ability to bring together all of the data they care about, all in one place. “Domo sales are closing in days and weeks, unlike traditional enterprise software deals, which typically take months or quarters,” said James. “We’re serving an enormous population that has tremendous purchasing authority, but has been completely ignored by traditional vendors. We believe this is a key factor in the ridiculously short sales cycles we are experiencing.”
“I met Josh in 1998, was one of his first investors in Omniture, and have been on his board ever since,” said Fraser Bullock, co-founder and managing director at Sorenson Capital and co-founder of Bain Capital. “Domo has a much larger addressable market than Omniture because it is focusing on executives across the organization. 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.”
This round’s backers join an all-star list of angels and investors including Benchmark; Andreessen Horowitz, LLC; Ron Conway and David Lee of SV Angel; Hummer Winblad Venture Partners; plus other leaders from the who’s who of SaaS and Internet technology such as:
- Marc Benioff, chairman and CEO, Salesforce.com;
- Lars Darlgaard, founder and CEO, SuccesssFactors;
- Mark Gorenberg, managing director, Hummer Winblad Venture Partners;
- Hiroshi Mikitani, CEO, Rakuten;
- John Pestana, co-founder, Omniture;
- Dan Rose, vice president, Facebook;
- Paul Sagan, former CEO, Akamai Technologies;
- S. Steve Singh, co-founder, chairman and CEO, Concur; and
- John Thompson, CEO of Virtual Instruments and former chairman and CEO, Symantec.
GGV’s portfolio companies have achieved 14 IPOs since 2010. GGV’s portfolio includes leaders such as Alibaba Group, athenahealth, Buddy Media, Pandora, Square, SuccessFactors and Zendesk.
Greylock Partners has backed disruptors such as airbnb, Cloudera, Dropbox, Data Domain, Facebook, Instagram, LinkedIn, Red Hat, Tumblr and Workday.
Founders Fund, with its multi-stage, multi-sector investments, is behind transformational companies such as Asana, Facebook, Palantir, Slide, SpaceX, Spotify, uBeam, Yammer and ZocDoc.
Domo announced its initial Series A closing of $33 million in July 2011 and a $20 million Series A extension in February 2012. The company also raised more than $10 million from angel and individual investors.
Domo announced its $60 million deal via carrier pigeon. Watch the 3-part video series here.
Domo is a cloud-based executive management platform that gives users direct, real-time access to all the business information they care about, all in one place.
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 and SAP.
For more information, visit http://www.domo.com/.
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Julie Kehoe, VP of Communications