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Business intelligence software developer Domo raises another $60m

12 Mar 2013

Business intelligence software developer Domo has raised $60m in Series B financing, bringing its total investment to more than $125m.

GGV Capital, Greylock Partners, Bezos Expeditions, Workday co-CEOs Aneel Bhusri and David Duffield, Founders Fund and Mercato Partners all 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 following the deal

“Domo’s first two years were spent building a product to change the way people think about enterprise software,” said founder Josh James, who poreviously co-founded Omniture.

“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 $50m 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,” added GGV’s Solomon.

“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.”

Domo announced its initial Series A closing of $33m in July 2011 and a $20m Series A extension in February 2012. The company also raised more than $10m from angel and individual investors.

Previous investors include Benchmark, Andreessen Horowitz, Ron Conway and David Lee of SV Angel and Hummer Winblad Venture Partners, alongside private investors from the SaaS and internet technology space.

They included Marc Benioff, chairman and CEO, Salesforce.com; Lars Darlgaard, founder and CEO, SuccesssFactors; Mark Gorenberg, managing director, Hummer Winblad Venture Partners; Hiroshi Miktani, 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. Investments include Alibaba Group, athenahealth, Buddy Media, Pandora, Square, SuccessFactors and Zendesk.

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