Pendo’s Fast Growth Continues in Third Quarter
Highlights of Pendo’s third quarter include a Series D fund raise, significant customer, bookings and hiring growth, major product launches, and national and local recognition. Check out the news release below:
RALEIGH, NC — NOVEMBER 8, 2018 — Pendo, creator of the leading product cloud for digital products and data-driven product teams, today reported highlights from the third quarter of its fiscal year, which ended October 31, 2018. Q3 milestones include a 141% increase in bookings year over year and 100 new customers, which include one of the world’s largest health care diagnostics companies, a top 10 U.S. retailer, B2B SaaS companies, firms in industries like fantasy sports, construction, restaurant management, and government technology and a Brazilian taxi hailing app.
New customers include: Integral Ad Science, Sumo Logic, DataRobot, Patreon, CivicPlus, athenahealth, BuildingConnected, Voxy, Restaurant365, Simpli.fi, LogRhythm, Omnicom Group, 99app, Widen, and Keysight Technologies.
“It was a buzzy quarter for Pendo, with funding news, awards and important customer wins,” said CEO and co-founder Todd Olson. “Product continues to grow in prominence in modern software organizations, and that’s evident as our customer base diversifies and our capabilities appeal to a broader set of roles. I’m proud of our team for achieving these milestones and maintaining this fast pace of growth.”
Other highlights of the quarter include:
- Series D funding–Pendo announced a $50 million Series D round led by Sapphire Ventures, funds that will help it expand geographically and target enterprise customers. Geodesic Capital and FirstMark Capital also joined the round, alongside existing investors Battery Ventures, Spark Capital and Meritech Capital Partners.
- Multi-app analytics and guides–Pendo customers can now track user behavior, usage trends and sentiment across a portfolio of multiple Web and mobile applications. This offering allows large companies to understand and guide users across a suite of digital products to increase adoption, accelerate cross-sell/up-sell, and improve multi-product retention.
- Visual design studio–Using point-and-click “building blocks,” this studio, now in beta, allows contributors of any technical skill level to easily assemble and deliver sophisticated in-app customer education, engagement and marketing campaigns inside the app.
- Retention analytics–Improving retention rates can have a dramatic impact on customer LTV, and ultimately product revenue. This new feature makes it easy to see whether users return to a product and engage with it after their first use.
- New integrations–Pendo users can now export product data into Confluence, share NPS survey results to Slack in real-time and deliver NPS surveys via email.
- ProductCraft–Pendo’s destination editorial site has established itself as a leading resource for product managers, with 30 percent growth in traffic during the quarter and many hundreds of registrants to its first five Debate Club Live events in major US cities, including New York, Boston and Chicago.
- Data Privacy–Pendo’s commitment to enterprise-grade security and privacy controls was further validated with the completion of a SOC2 Type 2 certification, one of the most stringent international standards for security, availability, processing integrity, confidentiality and privacy.
- Recruiting Momentum–In a record quarter for recruiting with 5,373 applications submitted globally and 49 new hires, Pendo now employs 246 people across its four offices.
- Industry Recognition–Pendo was named to the Cloud 100, Forbes’ annual listing of the top 100 cloud companies in the world. The company was also recognized as a Forbes Next Billion-Dollar Startup and made the Triangle Business Journal’s Fast 50 and Best Places to Work lists for 2018.
Pendo is a product cloud that provides user insight, user guidance and user communication for digital product teams. With Pendo, these product teams can understand product usage, collect feedback, measure NPS, onboard users, and announce new features in app—all without requiring engineering resources. Founded in 2013 in the heart of Raleigh and backed by Battery Ventures, Spark Capital, Meritech Capital and Sapphire Ventures, Pendo has raised $106 million and counts nearly 700 customers, including Zendesk, Salesforce, Coupa, BMC, and Sprinklr. Pendo is also the producer of ProductCraft, a destination editorial site with insights by and for product leaders; and Pendomonium, a premier product conference. For more information, visit: www.pendo.io