Cardinal Venture Capital, Clairmont Capital, Monitor Ventures and Onset Ventures also took part in the financing, which Adaptive said would be used to grow its sales and marketing, product development and entry to new markets.
Sergio Monsalve from Norwest will join Adaptive’s board of directors as part of the deal.
He said, “Adaptive Planning strikes right at the core of an area in which I’m extremely passionate – the collaborative social enterprise.
“The emergence of collaboration in both small and medium sized businesses makes this a very exciting time to invest.”
Adaptive was the eighth-fastest growing company in Silicon Valley last year according to the Deloitte Technology Fast 500 list, and has more customers and partners than all other cloud corporate performance managers combined.
Last month Norwest invested $15m in a Series C round for Bangalore, India-based business intelligence and analytics company Manthan Systems.
The Californian firm has more than $3.7bn of capital under management and has funded over 500 companies since it was founded.
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