There’s a phrase I say a lot these days as I meet with prospects and customers, jobseekers and reporters: Every company is becoming a software company.
From life sciences to retail, government to banks, most organizations interface with their customers digitally. In fact, the digital experience is becoming consumers’ primary experience with today’s companies.
This trend is driving today’s announcement from Pendo. I’m proud to share that we have raised $100 million in new capital from many of our existing investors, as well as a pair of new ones, General Atlantic and Tiger Global Management. A special thanks to Sapphire Ventures for leading the round.
This funding round marks an important milestone for Pendo—we’ve reached a $1 billion valuation. Some companies may view this milestone as a finish line. For Pendo, it’s more like a starting point. We have a lot more work to do.
Companies around the world are partnering with Pendo to better understand and engage their users, and to use insights from Pendo to improve their digital products. With new funding, we will accelerate these efforts, expanding to new geographies, and increasingly to larger enterprises. Our goal is to help more companies become product led—to put the product experience at the center of their organizations.
What stays the same is the great service and support you’ve come to expect from our team. While we expand our marketing and sales efforts, we will continue to invest in customer success and support alongside product development and innovation. Our recent acquisition of the product demand intelligence platform Receptive, now known as Pendo Feedback, is evidence of our commitment to listen, learn from and engage our customers around the innovation to come from Pendo.
When we started Pendo six years ago, we set out to create a new category of software for the previously-overlooked product team. We aimed to build a long-lasting company that both supported and elevated their role in today’s software organizations. We cast a vision to improve the world’s experiences with software.
I believe we are well on our way to achieving these goals, and I thank the investors, employees and customers who share our vision and work tirelessly toward it.