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Lightspeed Venture Partners leads $33m round for Kenandy

11 Jun 2013

software2_lrgMenlo Park-based firm Lightspeed Venture Partners has led a $33m Series B round for enterprise resource planning (ERP) software company Kenandy.

The round was also backed by Series A investors Kleiner Perkins Caufield & Byers, salesforce.com, and Wilson Sonsini Goodrich & Rosati.

Lightspeed partner Chris Schaepe said, “The cloud is rapidly reshaping the enterprise software market. New integrated cloud applications are replacing multiple legacy modules to meet the enterprise market need for rapid, low cost, scalable deployments.

“Kenandy is at the forefront of this wave, redefining ERP and establishing itself as the leader in SaaS-based enterprise management solutions for global enterprises.

“This investment reflects a convergence of several trends that Lightspeed has been pursuing for some time, together with an executive team possessing deep domain expertise.”

Lightspeed has $2.8bn under management and is currently investing from its $675m venture fund Lightspeed IX. The firm is focused on early and expansion stage investments in the consumer, enterprise technology and cleantech sectors.

Earlier this year Lightspeed participated in a $15m Series D financing round for San Francisco-based analytics software specialist Evol.

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