Business

Raleigh startup Pendo raises $11 million

Raleigh software startup Pendo plans to aggressively ramp up its hiring after raising $11 million in new funding.

The influx of new workers at the company, which today has 15 employees, will be focused primarily on product development and sales and marketing, but will also include two recruiters “to keep up with our hiring plans,” said co-founder and CEO Todd Olson.

“Right now we have over 15 positions currently open, so we’ll be doubling our head count in the next three months,” Olson said. “And then next year we have plans to hire an additional 30 to 40 people.”

Pendo’s cloud-based software, which was officially launched early this year following a beta test, helps customers improve their software by providing feedback on what features its customers are using and which ones they’re ignoring. It also issues pop-up messages to software users notifying them of features they may not be aware of.

The company’s customers include publicly traded customers such as FICO and Morrisville-based SciQuest, as well as other software companies such as Coupa, JAMA Software, Neustar and Cary’s Dude Solutions.

Pendo boasts that its software is tracking more than 1 billion actions by users per month.

Olson said monthly revenue growth has been averaging 30 percent.

Founded in late 2013, Pendo raised $1 million in seed funding last November from a group of investors that included Triangle venture capital fund IDEA Fund Partners.

The latest funding was led by Battery Ventures, a venture capital firm with offices in Boston, California and Israel. The venture capital arm of San Francisco-based Salesforce, among others, also participated.

David Ranii: 919-829-4877, @dranii

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