Today Domo, the leader in the provision of cloud-based executive management and intelligence platforms, announced a $60M financing led by GGV Capital, with participation from Greylock, IVP, Jeff Bezos and others. We’re very excited to be leading this round, and I’m personally looking forward to joining Domo’s board as an observer.
When Josh James, Domo’s CEO, let us know that he was planning to raise a round of financing, we jumped on the chance to invest. Our excitement is driven by:
- Team. The team is led by Josh James, the founder and CEO of Omniture, which Josh successfully took public and eventually sold to Adobe for $1.8Bn. We’ve admired Josh from afar for many years and are big fans. Josh possesses the rare combination of people-focused leadership skill and true product and company vision. At GGV, we’ve been fortunate to back some incredible cloud CEOs such as Lars Dalgaard of Successfactors, Mike Lazerow of BuddyMedia and Jonathan Bush of athenahealth. We’re excited to add Josh to this esteemed list. He’s also assembled an extremely strong team around him, a team that can take the company to many multiples the size it is today.
- Huge Market. Domo provides an executive management platform. Moving well past traditional BI, Domo is delivering on the promise of being easy to use and enabling executives to save time and make better decisions. The customers with whom we’ve spoken are devoted to the value they’re getting from the platform. There isn’t a company on the planet where the executives don’t want more visibility and real-time knowledge for decision-making. Domo’s market opportunity is huge.
- Momentum. Despite not having yet formally launched the product and having been selling for only six months, Domo just passed the 100 customer mark. The company has been doubling month over month and the future looks very bright.