Utah-based cloud-based business management platform Domo, has raised $131 million in new funding at a sustained valuation of $2 billion. Credit Suisse, existing investors and other new investors participated in the round.
This brings Domo’s Series D round led by BlackRock and initially closed in April 2015, to more than $330 million, and its total funding to more than $590 million.
Domo also launched its Business Cloud and announced it has reached a milestone of $100 million in billings.
“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 Josh James, founder and CEO, Domo.
“The terms of our financing have been consistently clean – no ratchets or medieval-like terms or preferences,” he added. “We are in a fortunate position. We have great investors, great product, great sales, great retention rates, great employees – and enough cash to get us to break even. We control our own destiny.”
Domo is the world’s first Business Cloud, the company says. At its heart is the Domo Appstore, a destination for decision makers to get answers to their specific business questions through easy-to-use, pre-packaged solutions built by a developer ecosystem. Domo serves executives across every role and across a broad range of industries.
The company is backed by more than half a billion dollars in venture capital from major investors, and is led by a management team with tenure at the world’s most well-known technology companies. Domo was founded in 2010, and is based in American Fork, Utah.