Pendo raises $150M in Series F from B Capital Group at $2.6B valuation, tops $100M in ARR

SaaS News -Pendo-Raises-$150-to-Improve-Software-User-Experience(source: SaaS Industry)
At a Glance

Pendo has raised $150M in Series F at a $2.6B valuation to help companies deliver software that meets customer expectations. The company has also reached $100M in Annual Recurring Revenue (ARR). It plans to further its aggressive global expansion using the proceeds from the funding.

Pendo, a platform accelerating successful product adoption, has raised $150 million in a Series F funding round led by B Capital Group at a valuation of $2.6 billion to bridge the gap between users’ software expectations and their reality based on usage, the company said in a press release.

Alongside the funding, Pendo revealed that its Annual Recurring Revenue (ARR) crossed $100 million. Pendo’s Series E funding came in 2019, where it netted $100 million and with the close of this latest round, its total financing raised to date has crossed $356 million. Other and existing investors – Silver Lake Waterman, Battery Ventures, Meritech Capital Partners, Sapphire Ventures, General Atlantic, Tiger Global Management, FirstMark Capital, Geodesic Capital, IDEA Fund Partners and Contour Venture Partners – participated in the Series F round.

Pendo, launched in 2013, aspires to elevate the world’s experiences with software and help product and digital teams assist people in adopting software quickly and efficiently. Its suite of digitization solutions enables IT teams to train their remote workforce on using the software. Todd Olson, co-founder and CEO of Pendo, stated that a wholesale digital shift housed a gap between user expectations and reality despite workers and users expecting business software to be easy to use like other personal applications.

We built Pendo to bridge this experience gap, which is why our growth has paralleled software itself. This new investment allows us to innovate faster to serve product teams and their counterparts in IT, who are responsible for driving successful software adoption

Todd Olson, co-founder and CEO of Pendo

Pendo said that it would use the proceeds from the funding to further its aggressive global expansion and strategic acquisitions, and continue innovating its product to assist product and IT teams. Rashmi Gopinath, a general partner at B Capital Group, lauded for pioneering in the field of software for product teams, which is increasing in importance for enterprises and added,

Pendo’s fundamentals, growth and ever-improving product suite further position them for success and global expansion.

Rashmi Gopinath, a general partner at B Capital Group
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