Sunny Gupta co-founded Apptio raises $16.5 Million in Series C Funding

Bellevue: Enterprise software firm Apptio has secured $16.5 million in Series C financing round led by Shasta Ventures with the participation from existing investors including Andreessen Horowitz, Greylock Partners and Madrona Venture Group. This brings the funding raised by Apptio to a total of $37.5 million.

"The latest round of funding will be used to expand Apptio's reach over the next 12 months - increasing sales and marketing throughout North America and Europe to help build out to new markets, and launching a number of new products and capabilities, all aimed to "help CIOs manage their business better," said Sunny Gupta, Co-Founder and CEO, Apptio.

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The Bellevue-based Apptio will use the investment to expand their presence into new markets with its solutions that help businesses to manage the cost, quality and value of IT services. Founded in 2006, Apptio provides Technology Business Management software, specifically for IT financial management. The software, designed to help businesses manage the cost, quality, and value of its IT services, provides information on the total cost of IT services through an interactive "Bill of IT," and combines elements of planning, budgeting, and forecasting of IT services directly into the system.

Apptio counts Cisco, Alaska Airlines, Blue Cross Blue Shield, BNP Paribas, Expedia, Hallmark, JPMorgan Chase and Starbucks among its key customers.