Tech Startup Pendo Has Raised More Than $100 Million

Pendo was just a tiny software startup which is based in Raleigh’s Warehouse District. At first, the company even listed the address on its website as San Francisco rather than Raleigh, with the thought that maybe a Bay Area Zip code would help them land meetings with the help of a different set of customers and investors.

“We had a (friend of a friend’s) San Francisco office listed for a while on our website,” Pendo CEO and co-founder Todd Olson said in an interview. “… But it didn’t really help us and it made us look inauthentic.”

Now the company is one of the region’s most promising startups and proudly touts Raleigh as its place of origin. It’s quickly-growing headcount — and footprint inside the Wells Fargo tower on Fayetteville Street — is bolstered by an impressive amount of funding from investors across the world.

The company has now raised an amount of $106 million, which includes the $50 million in its latest fundraising round that was announced on last Wednesday. The company, which is still hiring at a fast clip, now has a team of around more than 228 employees worldwide and more than 160 in its Raleigh office.

Launched in 2013 by an experienced group of former Red Hat, Cisco, Google and Rally employees, Pendo has quickly grown by nearly every measurement.

Pendo’s cloud-based technology which helps different set of business customers improve their software by providing different behavioral analytics on what features their customers are using and which ones they’re ignoring. It also sends pop-up messages to software users notifying them of features they may not know about.

“If you’re a millennial, and you walk into a daycare, what do you expect, versus someone in a different generation?” Olson said. “You’re going to expect things to be right on your smart phone.

“That’s what we always envisioned in 2013 … But in 2018, we’re finally starting to see (companies concentrate on their mobile interface),” Olson said. “And I think we’re just getting started. So, I think this is the early days of tapping into that market.”

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