Domo Takes On Slack With $131 Million At $2 Billion Valuation EXCLUSIVE
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Domo Takes on Slack with $131 Million at $2 Billion Valuation
Domo, a cloud-based business intelligence platform, has raised $131 million in a Series F round of funding, bringing its valuation to $2 billion. The company, which competes with Slack and other collaboration tools, plans to use the new capital to expand its product offerings and global presence.
Domo was founded in 2010 by Josh James, the former CEO of Omniture, a web analytics company that was acquired by Adobe for $1.8 billion in 2009. James wanted to create a platform that would allow business leaders to access and analyze data from various sources in real time, and to collaborate with their teams on data-driven decisions.
Domo's platform integrates with over 1,000 data sources, including Salesforce, Google Analytics, Shopify, Zendesk, and Twitter. It also offers a suite of apps that enable users to create dashboards, reports, alerts, and workflows. Users can also communicate with each other through chat, video conferencing, and document sharing.
Domo claims to have over 2,000 customers across various industries, such as retail, media, healthcare, education, and government. Some of its notable clients include Mastercard, ESPN, DHL, L'OrÃal, and National Geographic. The company says it has more than doubled its annual recurring revenue (ARR) in the past two years.
The latest funding round was led by BlackRock, with participation from existing investors such as GGV Capital, TPG Growth, and Salesforce Ventures. Domo has raised a total of $794 million to date, making it one of the most well-funded startups in the business intelligence space.
Domo faces stiff competition from Slack, which went public in 2019 and has a market cap of over $20 billion. Slack also offers a platform for data integration and collaboration, and has over 12 million daily active users. Other rivals include Microsoft Teams, Google Workspace, Zoom, and Asana.
However, Domo believes it has a unique value proposition that sets it apart from its competitors. James said in a statement: \"Domo is the only cloud-native platform that can leverage data to help customers digitally transform their businesses and create a data-driven culture at scale. We are thrilled to partner with BlackRock and our other investors as we continue to innovate and deliver solutions that help our customers run their entire organizations on Domo.\"
Domo's valuation has increased significantly since its initial public offering (IPO) in 2018, when it was valued at $511 million. The company has also improved its financial performance, reducing its net loss from $176.6 million in fiscal year 2019 to $144.4 million in fiscal year 2020. Its revenue grew from $142.5 million to $173.1 million in the same period.
Domo's growth has been driven by the increased demand for cloud-based solutions amid the COVID-19 pandemic, which has forced many businesses to shift to remote work and digital transformation. Domo has also benefited from its strategic partnerships with Amazon Web Services (AWS), Snowflake, and Adobe, which have helped it reach new customers and markets.
Domo plans to use its new funding to further invest in its product development, sales and marketing, and international expansion. The company aims to become the leading platform for data-driven organizations, and to achieve profitability and positive cash flow in the near future. aa16f39245