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More VC dosh, vicar? Moneymen hand Slack-a-like biz Domo $131m

"The unicorns are being dehorned" says ex-Omniture CEO

Venture capitalists have poured $131m of fresh funding into a Slack-like collaboration startup, Domo.

Domo, founded in 2010, secured the money in a top-up to an existing Series D funding round from a tranche of its existing backers plus newbie Credit Suisse. That existing round was for $200m and took place in April 2015.

Incumbent investors are Glyn Capital Management, BlackRock, Capital Group Companies and GGV Capital.

Domo rival Slack was recently reported to be hunting down between $150m and $300m in fresh funding with a valuation of $5bn.

Domo founder and chief executive Josh James, though, was at pains to draw a sharp difference between his firm and others fantastic rounds and valuations.

“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 in a statement.

He also reckoned there were no “medieval-like terms or preferences” applied to Domo’s cash. VC cash invariably comes with strict and severe conditions applied that gives the moneymen the option to escape should things go south – or should the firm fly.

James was the CEO and co-founder of web analytics firm Omniture, which IPO’d in 2006 and was sold to Adobe for $18bn in 2009. Adobe called the deal a “game changer.”

Announcing the cash, Domo claimed to have $100m in billings. It also announced a free version of its cloud-based service.

Domo provides group and private chats, public channels, it supports mobile and includes project and task management, data visualization and BI. It connects to Excel, AWS, Box, Jira, MySQL, New Relic, Oracle and others. Customers include DHL, MasterCard, eBay and National Geographic. ®

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