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‘Meeting of minds’ led to TPG Growth leading $125m Domo Series C

6 Feb 2014

Venture capital-backed business intelligence company Domo has closed a $125m Series C financing round led by TPG Growth.

The latest round brings Domo’s total financing to more than $250m thanks to previous backing from firms including GGV Capital, Greylock Partners and Bezos Expeditions.

New participants in the latest round were Dragoneer Investment Group, Fidelity Investments, Morgan Stanley Investment Management, salesforce.com, T Rowe Price and Viking Global Investors.

Domo said it has annual growth far exceeding 100 per cent, is experiencing sequential quarterly sales growth between 25 per cent and 40 per cent and has signed about 500 customers.

The cloud-based executive management platform attempts to give users direct, real-time access to all the business information they care about, all in one place.

Domo’s relationship with lead-investor TPG started from personal conversations between founder Josh James, who previously founded Omniture, and TPG founding partner David Bonderman.

James said, “During those talks, we had a meeting of the minds, and it became clear that TPG’s deep, global experience scaling market leading enterprise software businesses could add considerable value to the Domo franchise.

Bonderman said, “Domo offers a differentiated technology, a formidable management team and a huge, untapped opportunity.

“We are pleased to provide capital and expertise to accelerate the company’s growth.”

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