VC firm known for investing in enterprise cloud companies makes first Utah deal with Impartner.
Not to step on the feet of poor Lando Calrissian, but Utah is the new Cloud City. I know, pour one out for Lando.
As part of their Cloud 100 release, Forbes named six Utah companies as top-dogs in cloud computing: Qualtrics, Domo, Pluralsight, Workfront, Health Catalyst, and InsideSales. According to those in the know, “Dozens of cloud-focused startups are incubating behind them.”
Enter South Jordan-based Impartner, announcing today a $15 million funding round from Emergence Capital, a San Mateo, CA-based VC firm focused on enterprise cloud companies. This will mark Emergence’s first investment in Utah and if my instincts are correct *(licks finger, tests wind), *more could be on the way.
“At Emergence Capital, we strive to invest in market-leading companies that have a global impact,” Brian Jacobs, founder of Emergence Capital, said in a statement. “We believe that with Impartner’s strong management team, business execution and blue chip client base, they can expand their current lead in the fast-growing PRM (Partner Relationship Management) market.”
In a state known for cloud technology, Impartner has stood out with nearly 30 awards — recognized for outstanding product, executive management, even a few CEO of the Year awards for Joe Wang.
Today’s funding comes less than one year after Impartner raised $8 million from ORIX Growth Capital and Silicon Valley Bank. Money is obviously needed when you have a PRM solution that is red hot, with Impartner experiencing an 88% increase in new customer growth and 77% increase in new bookings through the first quarter of 2017. It seems fitting that less than one week after Utah is crowned Cloud City, another Utah-based cloud company announces significant funding to quicken existing growth. If this continues, start carving out space on the 2018 Forbes Cloud 100 list for Impartner and make space on the mantel for one more award.