Domo Raises $125 Million, The Josh James-Led Company Valued At $825M
We feel there is an inevitability around our business.
Domo, the SaaS startup launched by Omniture founder Josh James, today announced it has raised $125 million in a Series C round led by TPG Growth, the middle market and growth equity investment platform of TPG. The business intelligence company has now raised a total of $250 million since its inception.
In a press release announcing the closing of its latest funding round, Domo touted an annual growth “far exceeding 100 percent,” and claims to have signed roughly 500 customers.
“We spent our first two years developing a product to change the face of enterprise software and to change the speed of business,” said James in a statement. “Over the last year, we built up our leadership team and have created a solid foundation for sales and marketing. We’ve been closing deals at an unprecedented rate and our reps are regularly blowing past quota. This additional capital will enable us to further expand sales as quickly as possible and will ensure that we can achieve our goals in an incredibly profound way.”
TPG founding partner David Bonderman, who decided to become a lead-investor in Domo after a number of personal conversations with James, was also quoted in the statement announcing the closing of Domo’s latest funding round.
“Domo offers a differentiated technology, a formidable management team and a huge, untapped opportunity,” said Bonderman. “We are pleased to provide capital and expertise to accelerate the company’s growth.”
James is a local startup legend after founding Omniture, a web analytics SaaS company that went public and was subsequently bought by Adobe in 2009 for $1.8 billion.
“At Omniture, I learned the importance of building relationships with public investors as a private company,” said James. “With an eye towards becoming a public company, it’s rewarding that we were able to achieve this objective and attract the best of the best.”
After raising such a significant amount of funding, James is feeling confident about Domo’s future.
“We feel there is an inevitability around our business,” said James. “We have to execute, but the market size and customer response inspires all of us at Domo. These factors continue to help us attract great employees, investors and other partners. We are humbled by the attention and investment and look forward to delivering on the vision with happy customers and employees as the hallmark of our existence.”