In my experience leading product development teams and as an investor, there is a clear trend toward business users demanding an experience at least as good as the consumer products they use.
SPARK CAPITAL SOFTWARE
“Business software is often slow, complex, and hard to use. The financing will enable the company to continue to accelerate its growth and expand its product capabilities. Within those companies Pendo is used by numerous teams in the shared interest of improving their product experience, including product management, user experience, sales, customer success, marketing, engineering, and executive leadership. Current clients include Coupa, Optimizely, Infor, Rapid7, and FICO, among others. Pendo is now tracking over 6 billion user actions per month. Recurring revenues have grown by 400 percent over the last 12 months. Pendo’s customer count has grown 30x over the last 24 months. It has become part of the workflow of how we build and manage our product.” “Every team at eShares uses Pendo to make better decisions. “Pendo has given us visibility into our product that we couldn’t get anywhere else,” said Josh Merrill, Head of Product & Marketing at eShares, Inc. This unique combination of capabilities enables companies to create a personalized, adaptive experience for each and every user. Without requiring any engineering resources, organizations can use Pendo to extend their product to capture all user behavior, gather feedback, and provide contextual help inside their applications. Pendo provides software product managers and teams with a powerful integrated platform to better understand and improve the product experience. To differentiate, enterprise software products must deliver an exceptional product experience from onboarding to adoption, retention and growth. The shift to SaaS and recurring revenue has empowered a new set of business users who demand that their software at work behave like their software at home – fast, friendly and intuitive. As part of the financing, Spark Capital General Partner Megan Quinn will join Pendo’s board of directors.
SPARK CAPITAL SERIES
12, 2016 – Pendo, a data-driven platform that helps companies deliver great software product experiences, today announced it has raised $20 million in Series B financing led by Spark Capital with participation from existing investors Battery Ventures, Salesforce Ventures, Contour Venture Partners, Core Capital Partners, and IDEA Fund Partners. We wanted to acknowledge the creativity behind Spark Capital and the companies they support.New funding based on company’s unique product experience platform and 400 percent annual revenue growth. A modernist nod to the famed terraced gardens of Villa D'Este in Tivoli, this was a powerful contrast to a traditional corporate office design. This new architectural landscape provides a planted edge along which the partners sit and move. With Jeffrey Terrariums, we devised a design for hanging plants on the "garden wall" -the planters are a series of clear glass sacks that hold a variety of ferns and mosses. The bleacher steps are moveable- they can be rearranged for TED-type talks, cocktail parties, and company launch parties.
The lounge area is framed by a custom bleacher system that provides ample informal seating for group events. The central open lounge area, anchored under an existing industrial skylight, serves as a gathering space for group brainstorming a large motorized projection screen drops from the ceiling so Spark can introduce digital presentations at any point during a meeting. We conceived of the space as a rooftop garden environment in which to grow ideas. It was important to maintain a clean flow of space while offer visual screening for the partner work desks. The first New York headquarters for Spark Capital, a Boston-based venture capital firm that specializes in internet and technology companies, was created as an incubator for nurturing dynamic ideas and group collaboration across diverse platforms.
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