Domo, a new software-as-a-service (SaaS) venture launched by Omniture co-founder Josh James, has closed USD20 million in Series A-1 funding from Institutional Venture Partners (IVP). This round brings total investment in Domo to USD63 million.
“Winning takes 100 percent focus,” says James. “While we weren’t in the market for additional funding, the capital from a trusted and experienced partner such as IVP made a lot of sense. We’ve experienced positive feedback from the marketplace. This move fills the coffers and enables us to stay focused on execution. It also provides flexibility as we build out our sales organisation and position the company to take advantage of strategic growth opportunities.”
IVP invested in James’ prior company Omniture, and developed a relationship with the Omniture team through that investment.
“At IVP, we look for dynamic management teams that are addressing high-growth markets. Josh is an extraordinarily talented, world-class entrepreneur. We know he has the experience to build Domo into a disruptive and dominant player in a growing USD10 billion market,” says Todd Chaffee, General Partner, IVP. In addition to Omniture, IVP has backed a rich portfolio of Internet leaders and disruptors, such as Concur, Dropbox, LivingSocial, Shazam, Twitter and Zynga.
"Josh and the Domo team are at the forefront of a huge opportunity," says Matt Cohler, Benchmark General Partner and Domo Board Member. "Domo has the team, the vision, the focus and the product to transform an entire market. Today’s news serves to accelerate the company’s execution and extend their early lead."
“We’re continuing to build out our company to attack and completely reform an old industry that doesn’t work, while creating a brand new way of doing business with our business management platform,” says James.
Domo announced its initial Series A closing of USD43 million in July 2011. The company plans to reveal more news in the next few months including names of large global customers and more details behind its products and strategy.
James says: “We’ve been testing the market through an early adopter program and the overwhelming response signals that we’ve tapped into a major pain point for CEOs and other executives. Today, we can’t install customers fast enough. We are scheduling customers weeks out and have a two-month waiting list for our beta product. We’re leaning in even more aggressively to this opportunity.”
