Pendo Revenue, Valuation, Funding & Investors
Pendo is valued at $2.6B as of November 2021, a 26.0x multiple on its last reported $100M revenue.
Last Pendo valuation
$2.6B
Secondary · Nov 2021
Last Pendo funding round
$10M
Series A · Aug 2024
Pendo revenue
$100M
Secondary · Nov 2021
Key investors in Pendo
Contour Venture Partners
Battery Ventures
Core Capital Partners
Meritech Capital Partners
IDEA Fund Partners
Salesforce Ventures
About Pendo
Pendo is a Raleigh-headquartered product experience platform that equips product teams with analytics, in-app guides, and feedback tools to optimize user engagement. The platform integrates session replays, NPS surveys, and adoption tracking for web and mobile applications. Customers include Verizon, Morgan Stanley, Salesforce, Zendesk, and Okta. Pendo organizes events like Mind the Product conferences and maintains offices in New York, San Francisco, London, and Tel Aviv.
Founded
2013
HQ
Raleigh, NCWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Revenue
$100M (Nov 2021)
Valuation
$2.6B (Nov 2021)
Pendo Valuation
Pendo is currently valued at $2.6B, based on its secondary sale in November 2021.
The $110M round was led by Thoma Bravo.
Pendo's valuation has grown 2.6x from $1B at its Series E in October 2019 to $2.6B in November 2021, across 3 priced rounds.
Pendo valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Nov 2021 | Secondary | $2.6B | 26.0x |
| Jul 2021 | Series F | $2.6B | 26.0x |
| Oct 2019 | Series E | $1B | - |
Pendo Revenue
Pendo's latest recorded revenue is $100M, as of its secondary sale in November 2021. At a $2.6B valuation, that implies a 26.0x revenue multiple.
Revenue moved from $100M in July 2021 to $100M in November 2021, while the revenue multiple moved from 26.0x to 26.0x.
Pendo revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Nov 2021 | $100M | $2.6B | 26.0x | Secondary |
| Jul 2021 | $100M | $2.6B | 26.0x | Series F |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Pendo Funding History
Pendo has raised a total of $368M across 9 funding rounds, plus 1 secondary share sale.
Pendo's first fundraising round was a $1M seed round in November 2014. The most recent completed round was a $10M Series A in August 2024.
Pendo funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Aug 2024 | Series A | - | $10M | - | Pendo announced a Series G funding round in August 2024, raising $9.9 million. This follows prior rounds including a Series F in July 2021 that raised $150 million at a $2.6 billion valuation and a November 2021 tender offer at the same valuation level. The company, a product adoption platform, has continued operations with acquisitions such as Product Collective in October 2024. |
| Nov 2021 | Secondary | Thoma Bravo (lead) | $110M | $2.6B | Pendo provides software that enhances other software through product analytics and in-app messaging to improve customer adoption and experience. On November 11, 2021, Thoma Bravo led a $110 million secondary investment by purchasing shares from Pendo employees and early-stage investors at the company's valuation of $2.6 billion. This transaction offered liquidity to early supporters while enabling Thoma Bravo to gain a stake in the Raleigh-based firm, leveraging its expertise in software investments. Pendo, founded in 2013, serves over 2,000 customers including Verizon, RE/MAX, LabCorp, Salesforce, and Zendesk. The company combines robust product analytics with in-app guidance to help product teams prioritize features and accelerate adoption. Existing backers include Battery Ventures, Spark Capital, Meritech Capital, Sapphire Ventures, and B Capital Group. Thoma Bravo, managing over $83 billion in assets as of June 30, 2021, focuses on growth-oriented software companies, applying operational best practices to drive revenue and earnings growth. |
| Jul 2021 | Series F | B Capital (lead); FirstMark; Battery Ventures; Silver Lake Waterman; Geodesic Capital; IDEA Fund Partners; General Atlantic; Tiger Global; Sapphire Ventures; Contour Venture Partners; Meritech Capital Partners | $150M | $2.6B | Pendo is a product experience platform that helps companies accelerate successful product adoption by bridging the gap between user expectations and actual software experiences, serving product and IT teams to drive adoption for customer-facing or internal software. The company announced its $150 million Series F funding round on July 27, 2021, led by B Capital Group with participation from Silver Lake Waterman and existing investors including Battery Ventures, Contour Venture Partners, FirstMark, General Atlantic, Geodesic Capital, IDEA Fund Partners, Meritech Capital Partners, Sapphire Ventures, and Tiger Global. This round brought total funding to $356 million and valued Pendo at a post-money valuation of $2.6 billion, nearly doubling from its prior $1 billion valuation in the 2019 Series E. At the time of the Series F announcement, Pendo reported surpassing $100 million in annual recurring revenue (ARR), a milestone achieved in the fiscal quarter ended July 31, 2021, driven by existing customer expansion, freemium-to-premium conversions, and international growth particularly in Japan. The company added 195 new customers in that quarter, including notable names like Gett, Lendio, and Paylocity, while growing its employee count to 700 after hiring 300 in the first half of the fiscal year. This positioned Pendo at a 26x ARR multiple on its $2.6 billion valuation. Funds from the Series F were earmarked for aggressive global expansion, strategic acquisitions, and platform innovation to enhance product-led growth capabilities. Pendo also earned a spot on the Forbes 2021 Cloud 100 list for the fourth consecutive year. By fiscal year ended January 31, 2024, Pendo had scaled ARR to $200 million, achieved its first quarter of positive cash generation, added over 400 new customers including 75 Fortune 500 companies, and saw EMEA revenue approach 15% of total ARR with Japan up 80% year-over-year. |
| Oct 2019 | Series E | Sapphire Ventures (lead); FirstMark; Battery Ventures; Geodesic Capital; General Atlantic; Tiger Global; Cross Creek; Meritech Capital Partners | $100M | $1B | - |
| Sep 2018 | Series D | Sapphire Ventures (lead); FirstMark; Spark Capital; Battery Ventures; Geodesic Capital; Contour Venture Partners; Meritech Capital Partners | $50M | - | Pendo, a Raleigh-based SaaS provider of a product experience platform that helps product teams understand usage, collect feedback, measure NPS, onboard users, and announce features without engineering resources, raised $50 million in a Series D round in 2018 led by Sapphire Ventures, with participation from new investors Geodesic Capital and FirstMark Capital, plus existing backers Battery Ventures, Spark Capital, Meritech Capital, and Contour Venture Partners. This brought total funding to $106 million since inception in 2013, the most among Research Triangle software firms since 2000. The capital was earmarked for geographic expansion and headcount growth amid a three-year CAGR of 289 percent, though the company was not yet profitable. For its fiscal year ended January 31, 2018 (just before the December round), Pendo reported tripled annual bookings growth, fueled by adding 24 sales reps and appointing a chief revenue officer, alongside a 240 percent increase in net new customers to over 500, including Zendesk, Red Hat, Marketo, Workfront, Gainsight, Realtor.com, and Venafi. Headcount expanded by nearly 100 to 170 employees across functions, including nine executives, supporting a new downtown Raleigh headquarters and plans to add over 100 jobs. Later milestones show Pendo surpassing $100 million ARR by July 2021 (Series F at $2.6 billion valuation, 26x multiple) and $200 million ARR for fiscal year ended January 31, 2024, with customer growth to nearly 12,000, including 75 Fortune 500 firms, and first positive cash generation quarter. |
| Jul 2017 | Series C | Meritech Capital Partners (lead); Salesforce Ventures; Spark Capital; Battery Ventures; IDEA Fund Partners; Core Capital Partners; Contour Venture Partners | $25M | - | Pendo is a product cloud platform that helps companies deliver exceptional customer experiences by tracking user behavior and providing insights into how customers engage with software products. The company's core offering enables organizations to understand their users' interactions, with capabilities spanning customer experience optimization and product management analytics. In July 2017, Pendo closed a $25 million Series C funding round led by Meritech Capital Partners, with participation from existing investors Battery Ventures, Contour Venture Partners, Core Capital Partners, IDEAFund Partners, Salesforce Ventures, and Spark Capital. The company had raised $56 million in total by this point. The new capital was designated for scaling Pendo's engineering team and strategic growth investments, including expansion into new offices in New York and San Francisco. At the time of the Series C announcement, Pendo reported that its 2016 revenues had more than quadrupled year-over-year, and the company served hundreds of leading software companies including Citrix, Coupa, Gainsight, Henry Schein, Infor, and Optimizely. The platform was tracking over 20 billion user actions monthly and improving the product experience for over 22 million users each month. By October 2019, Pendo achieved unicorn status with a $1 billion valuation following a $100 million Series E round led by Sapphire Ventures, demonstrating substantial growth in the two years following this Series C announcement. |
| Dec 2016 | Series B | Spark Capital (lead); Salesforce Ventures; Battery Ventures; IDEA Fund Partners; Core Capital Partners; Contour Venture Partners | $20M | - | Pendo is a data-driven platform that helps companies deliver great software product experiences by tracking user interactions and providing insights for product optimization. Founded in 2013, the company provides analytics and guidance tools designed to help enterprise software companies understand and influence how users interact with their applications. On December 12, 2016, Pendo announced a $20 million Series B funding round led by Spark Capital with participation from existing investors Battery Ventures, Salesforce Ventures, Contour Venture Partners, Core Capital Partners, and IDEA Fund Partners. Spark Capital General Partner Megan Quinn joined Pendo's board as part of the transaction. At the time of the Series B round, Pendo demonstrated significant traction with customer count having grown 30x over the preceding 24 months and recurring revenues growing 400 percent year-over-year. The company was tracking over 6 billion user actions per month and served major clients including Coupa, Optimizely, Infor, Rapid7, and FICO. The funding enabled Pendo to accelerate growth and expand its product capabilities. The company subsequently raised $25 million in Series C funding in July 2017 led by Meritech Capital Partners, bringing total capital raised by that time to $56 million. |
| Oct 2015 | Series A | Battery Ventures (lead); Salesforce Ventures; Dingman Center for Entrepreneurship; IDEA Fund Partners; Core Capital Partners; Contour Venture Partners | $11M | - | Pendo is a product experience platform that enables companies to understand and improve how users interact with software applications. Founded in 2013, the company provides cloud-based tools that leverage customer feedback and usage data to optimize product adoption and performance. Pendo's Series A round in 2015 raised $11 million led by Battery Ventures, with participation from Salesforce Ventures, Idea Fund Partners, Contour Venture Partners, and Core Capital Partners. By August 2021, Pendo had achieved $100 million in annual recurring revenue and raised $150 million in Series F funding at a $2.6 billion valuation led by B Capital Group. The company continued expanding significantly, reaching $200 million in ARR by January 2024. |
| Mar 2015 | Seed | Contour Venture Partners (lead); Core Capital Partners | $1M | - | - |
| Nov 2014 | Seed | Contour Venture Partners (lead); Core Capital Partners | $1M | - | - |
Who has invested in Pendo?
17 investors have backed Pendo across its funding rounds, including Contour Venture Partners, Battery Ventures, Core Capital Partners, Meritech Capital Partners, IDEA Fund Partners and Salesforce Ventures.
Lead investors include Thoma Bravo, B Capital, Sapphire Ventures, Meritech Capital Partners, Spark Capital and 2 other investors.
Pendo Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| New York City, NY | 7 | Lead | Nov 2014 | |
| Boston, MA | 6 | Lead | Oct 2015 | |
| Washington, DC | 5 | Participant | Nov 2014 | |
| Chapel Hill, NC | 4 | Participant | Oct 2015 | |
| San Francisco, CA | 4 | Lead | Jul 2017 | |
| San Francisco, CA | 3 | Participant | Oct 2015 | |
| New York City, NY | 3 | Participant | Sep 2018 | |
| San Francisco, CA | 3 | Lead | Dec 2016 | |
| San Francisco, CA | 3 | Participant | Sep 2018 | |
| Austin, TX | 3 | Lead | Sep 2018 | |
| New York City, NY | 2 | Participant | Oct 2019 | |
| New York City, NY | 2 | Participant | Oct 2019 | |
| San Francisco, CA | 1 | Participant | Jul 2021 | |
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Start Free TrialAcquisitions by Pendo
Pendo has acquired 6 companies to date.
Last acquisition by Pendo was on February 3rd 2026. Pendo acquired Chisel for undisclosed valuation.
Latest Acquisitions by Pendo
| Description | Chisel is an India-headquartered product management platform that supports roadmap creation, team alignment, and customer feedback integration for software development teams. | Forwrd delivers automated predictive analytics platforms enabling non-technical users to build apps from corporate data. The Tel Aviv-based company focuses on sales, marketing, and customer success teams, detecting leads and opportunities via push notifications. Forwrd integrates with CRM systems to recommend actions, serving enterprises in e-commerce and SaaS with no-code model deployment. | Zelta is a New York-based generative AI tool for B2B SaaS product teams to analyze customer feedback. It processes sales transcripts from Gong, Zendesk tickets, and Typeform surveys to rank features by impact score. Backed by Techstars in 2023, Zelta prioritizes roadmaps for clients like Intercom. | Mind the Product is a global community for product managers hosting ProductTank meetups, conferences, and a blog. Originating with London's first ProductTank in 2010, followed by the blog in 2011 and annual conferences from 2012, it spans over 185 cities with events drawing thousands. The network connects 150,000 members through San Francisco, London, and Singapore-led operations. | |
| HQ Country | |  | |  | |
| HQ City | San Francisco, CA | Tel Aviv | New York City, NY | London | |
| Deal Date | 3 Feb 2026 | 7 Jul 2025 | 31 Jul 2024 | 1 Feb 2022 | |
| Valuation | undisclosed | undisclosed | $10M | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
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Pendo Competitors
Pendo competitors include listed companies like Presight AI and SenseTime Group, and private ones like Quantexa, Exabeam, Dataiku and Dataminr.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| London | Private | $100M | - | $2.6B | 26.0x | |
| San Francisco, CA | Private | $100M | - | $2.4B | 24.0x | |
| New York City, NY | Private | $150M | - | $3.7B | 24.7x | |
| New York City, NY | Private | $200M | - | $4.1B | 20.5x | |
 UAE | Publicly listed | $825M | $214M | $5.7B | 5.4x | |
 China | Publicly listed | $748M | ($70M) | $6.2B | 5.8x |
Pendo Public Comps
Pendo is still privately-owned, but its public comps include Intsig Information, SoundHound, Teradata, Shanghai DZH, Affle 3i, Ncino, Liftoff Mobile, Shenzhen Intellifusion, Haizhi and Karooooo.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $270M | $83M | 7.8x | 6.6x | 25.2x | 23.6x | |||
| $169M | $19M | 14.6x | 11.3x | 132.5x | (35.5x) | |||
| $1.7B | $285M | 1.4x | 1.5x | 8.4x | 5.3x | |||
| $123M | ($545K) | 18.1x | - | (4082.3x) | - | |||
| $282M | $67M | 7.4x | 6.7x | 31.3x | 29.5x | |||
| $595M | $65M | 4.3x | 4.0x | 39.0x | 15.8x | |||
| $686M | $203M | 5.9x | - | 20.0x | - | |||
| $200M | ($3M) | 14.3x | 14.6x | (952.5x) | (1086.5x) | |||
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Common questions about Pendo
| When was Pendo founded? | Pendo was founded in 2013. |
| Where is Pendo headquartered? | Pendo is headquartered in Raleigh, NC, United States. |
| Is Pendo publicly listed? | No, Pendo is a private, VC-backed company. |
| What is Pendo's valuation? | Pendo was last valued at $2.6B in its secondary sale in November 2021. |
| How much funding has Pendo raised? | Pendo has raised $368M across 9 funding rounds. |
| What was Pendo's last funding round? | Pendo's last funding round was a $10M Series A in August 2024. |
| Who are Pendo's investors? | Pendo's investors include Contour Venture Partners, Battery Ventures, Core Capital Partners, IDEA Fund Partners, Meritech Capital Partners, Salesforce Ventures, FirstMark, Spark Capital, Geodesic Capital, Sapphire Ventures and 7 others. |
| What is Pendo's revenue? | Pendo's latest recorded revenue is $100M (November 2021). |
| What is Pendo's revenue multiple? | Pendo's latest valuation implies a 26.0x revenue multiple ($2.6B valuation on $100M of revenue). |
| Which companies are comparable to Pendo? | Companies comparable to Pendo include Quantexa, Exabeam, Dataiku, Dataminr, Presight AI and SenseTime Group. |
| How many companies has Pendo acquired? | Pendo has acquired 6 companies, including Chisel, Forwrd, Zelta, Mind the Product and Receptive. |
| What was the largest acquisition by Pendo? | The $10M acquisition of Zelta in July 2024 is the largest acquisition Pendo has made to date. |
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