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Quest founder’s venture firm Toba Capital backs $12m Alteryx financing

20 May 2013

bar-chart-graphQuest Software founder Vinny Smith’s venture firm Toba Capital has joined SAP Ventures to back a $12m financing round for strategic analytics provider Alteryx.

Smith, who oversaw the $2.4bn sale of Quest to PC giant Dell last year, has seen his fledgling firm invest in more than a dozen enterprise software businesses since last summer, part of a plan to spend up to $150m through Toba this year.

He said, “Toba is committed to investing in companies that deliver real value to their customers, redefine existing markets and have the potential for outsized growth.

“CMO’s, CFO’s and other line-of-business organizations are realizing the immense business value in applying analytics to drive change and success in their organization.  Alteryx alone addresses their needs without sacrificing power to usability. ”

SAP has returned to invest in the company after initially backing it in 2011.

Managing director Jai Das said, “We’ve watched this company thrive and bring continued value to its extensive customer base.

“Alteryx is one of the few analytics platform providers which has the right mix of cloud, big data and predictive analytics capabilities to be able to leverage the massive changes in the analytics market and grow rapidly to become one of the leading analytics companies.”

The company said it planned to use the financing to accelerate its growth, marketing and product investments alongside international expansion.

Last week Toba joined Devonshire Investors and Rackspace Hosting to invest $12m in globally distributed database-as-a-service Cloudant.

Existing investors including Avalon Ventures, In-Q-Tel, Samsung Venture Investment Corporation also purchased additional shares.

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