Domo Raises $131 Million, Creates Fund for App Developersby
Startup's $2 billion valuation is unchanged from a year ago
BlackRock, Credit Suisse, Canyon Capital among investors
Business analytics company Domo Inc. said it scooped up $131 million from investors, bolstering its latest round of funding and holding steady at a $2 billion valuation it gained a year ago.
The infusion, which boosts Domo’s total funding to more than $590 million, comes as investors have reduced their appetite for such large late-stage deals and mutual funds have sliced the value of many such startups. Fidelity Investments cut the value of its Domo holdings by 9 percent for the period ended Jan. 31.
Domo competes with the likes of GoodData Corp. and Tableau Software Inc. in delivering information through cloud-based software to companies about sales, cash flow and other items in real-time graphics. Founded in 2010 and based in American Fork, Utah, Domo helps its customers find and analyze data and puts the information into dashboard graphics that can be reached from any device. Customers include EBay Inc., MasterCard Inc. and the National Football League.
Along with announcing its own funding Tuesday, Domo said it was starting a fund to back app builders developing on its platform. Like similar efforts at business messaging startup Slack and Twilio, which makes tools for apps developers, Domo will use the fund to nurture third-party applications that make its core offering more useful to would-be customers. GGV Capital, Institutional Venture Partners and Zetta Venture Partners are investing in the $50 million fund with Domo.
Domo founder and Chief Executive Officer Josh James said Domo already has more than a dozen app partners and some 1,000 apps in its application store.
James, who had said last year the company would likely go public by the end of 2015, said accounting, compliance and other internal controls are in place to do so. He’s waiting for the markets to grow warmer.
“We’d like to be public,” James said, adding he expects Domo to become profitable soon. “There’s no date we have to get out by though.”
BlackRock, an earlier Domo investor, contributed $25 million to the recent arm of the funding round along with new investors including Credit Suisse and Canyon Capital Advisors.