Domo said Tuesday is raised another $131 million to its Series D round at a sustained valuation of $2 billion. Existing investors from Domo’s last funding announcement plus Credit Suisse and other new investors also joined the round. American Fork, Utah-based Domo provides a so-called “business cloud” or an open, self-service platform for businesses.
SILICON SLOPES, Utah – March 22, 2016 – Domo, the world’s first Business Cloud, today announced it has reached a milestone of $100 million in billings and has raised another $131 million to its Series D round at a sustained valuation of $2 billion. Existing investors from Domo’s last funding announcement plus Credit Suisse and other new investors also joined. This influx of new capital brings Domo’s Series D round to more than $330M, and Domo’s total funding to more than $590M. The funds will further advance the Business Cloud also announced today.
“In a time when unicorns are constantly being de-horned for not having real businesses and getting flack for valuations, it’s validating to see the overwhelming confidence in Domo’s business from existing and new investors alike,” said Josh James, founder and CEO, Domo. “The terms of our financing have been consistently clean – no ratchets or medieval-like terms or preferences. The continued investor interest in Domo is a testament to the size of the opportunity in front of us, the feedback of our customer base and the caliber of the team we’ve assembled.”
James closed, “We are in a fortunate position. We have great investors, great product, great sales, great retention rates, great employees – and enough cash to get us to break even. We control our own destiny.”
Domo is the world’s first Business Cloud. The Business Cloud brings together all the data, all the people and all the insights business users need to run their entire business and make faster, better-informed decisions to improve performance. At the heart of the Business Cloud is the Domo Appstore, the premier destination for decision makers in any role or any industry to get answers to their specific business questions through easy-to-use, pre-packaged solutions built by a developer ecosystem. The company is backed with more than $500 million from the world’s best investors and is led by a management team with tenure at the world’s most well-known technology companies.
Business Cloud, Domo and Domopalooza are trademarks of Domo, Inc.