Apptio Raises $45 Million
Based in Bellevue, Washington, Apptio has raised $45 million in Series B funding. The company raised $50 million in venture funding 14 months ago. Apptio sells on-demand software and services to manage corporate IT departments.
New investors in this round include Janus Capital, The Hillman Company, and an unknown institutional investor. Existing investors that participated in this round were Andreessen Horowitz, Greylock Partners, Madrona Venture Group, Shasta Ventures and T. Rowe Price. This is one of the largest venture capital rounds for a Seattle-based company.
Apptio raised a total of $136 million in funding and the company has a $600 million valuation. The company plans on using the funding to expand into Europe and continue the development of their platform. The company has almost tripled their workforce in the past 18 months at about 350 people. The company is expecting to hit 425 employees worldwide by the end of the year.
Apptio works with 29 of the Fortune 100 companies including Boeing, Xerox, and Target. The company’s Technology Business Management platform is their most popular product.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry