Domo Announces $131M In Funding, Releases Business Cloud, Opens Domo Appstore

In our personal lives, technologies such as Facebook keep us connected to the information and the people we care about most. The iPhone allows us to run our lives with our phone. The Business Cloud, for the first time, brings these same personal experiences with technology to the way we run our businesses.

This week is Domopalooza, which means in addition to a steady dose of Flo Rida and Nelly, there’s big business news afoot.

On the money raising front, Domo has announced an additional $131 million in funding from BlackRock, bringing the total capital raised to $590 million and keeping Domo steady at a $2 billion valuation.

On the data front, Domo has unveiled what they’re touting as the world’s first Business Cloud, an all-encompassing data beast that provides users with every piece of data/insight that business people crave. This solution has been in the works for five years and shrouded in secrecy, with today offering a clearer vision of Domo’s endgame — a cloud-based platform that provides a company with tools to run every aspect of their business. Domo’s Business Cloud is available for free to anyone, with the option to pay for more data/features.

“When I was running my last company, I always thought someone should make it possible to run your entire business in the cloud, and since day one at Domo, we’ve been working towards that,” Josh James, founder/CEO of Domo, said in a statement. “With the Business Cloud customers quickly get the big picture of what’s going on in their business by leveraging the preferred cloud and on-premise software they use every day in finance, sales, marketing and operations. The multi-cloud infrastructure we’ve developed over the past five years is now an open ecosystem, giving our partners even broader visibility and adoption opportunities through our platform and Appstore.”

Working hand-in-hand with the unveiling of the Business Cloud, Domo also announced the debut of the Domo Appstore, a mix of 1000+ apps that cater specifically to every area of a business — sales, marketing, finance, etc. The Appstore is open to anyone who wants to build customized apps and Domo has committed a $50 million investment fund (alongside, GGV Capital, IVP, and Zetta Venture Partners) to ensure growth.

“In our personal lives, technologies such as Facebook keep us connected to the information and the people we care about most,” said James. “The iPhone allows us to run our lives with our phone. The Business Cloud, for the first time, brings these same personal experiences with technology to the way we run our businesses.”

Published 3/22/2016