Brigham Young gets in on $60m SaaS deal

Software-as-a-service firm Domo has received $60m in series B backing from Brigham Young University’s student venturing unit Cougar Capital and other investors.

Joining the Utah-based Cougar are GGV Capital, Greylock Partners, Founders Fund, Mercato Partners, Time Person of the Year 1999 Jeff Bezos through his investment unit Bezos Expeditions, and others.

The round brings Domo’s total venture funding to over $125m. Listed at number 73 on business news provider Forbes’ 100 privately held companies, the Salt Lake City-based firm previously held a two-stage series A in 2011.  Benchmark Capital, Andreessen Horowitz, Salesforce’s Marc Benioff and others supplied $43m in backing, and then Domo raised a further $20m from Institutional Venture Partners.

Domo supplies a business intelligence product that the firm calls an executive management platform, which delivers simplified data to chief executives about their company.

Chief executive officer Josh James, who previously co-founded web analytics firm Omniture, said: “Domo’s first two years were spent building a product to change the way people think about enterprise software. Then we began selling and raising capital to strengthen the balance sheet in preparation for our next phase of growth. We had an amazing response and raised twice the amount we intended. Investors with whom we met said they had never seen anything like Domo, and we ended up turning away more than $50 million in additional funds for this round. We’re encouraged by the belief investors and customers have in the power of Domo to transform business. The new capital, with the experience of our A-list team of investors, gives us incredible fuel and flexibility to accelerate growth.”