Sunny Gupta Co-founded Apptio raises $16.5 Million in Series C Venture Funding
Date: Friday , October 01, 2010
Apptio, a Bellevue, Washington-based provider of SaaS delivered Technology Business Management (TBM) solutions has closed a $16.5 million Series C round funding. The financing round was led by Shasta Ventures, with participation from all the current investors including Andreessen Horowitz, Greylock Partners and Madrona Venture Group. This brings the total funding to $37.5 million.
The capital from funding will be used to scale Apptio’s business across all functions and enter new markets with its solutions, which help businesses manage the cost, quality and value of IT services. The company claims the additional funding comes on the heels of 300 percent year-over-year bookings growth.
“We see TBM as a multi-billion dollar market. Despite the ever increasing cost of IT, the Global 2000 companies spend anywhere between $200 million and $6 billion on IT and with new concepts like cloud computing and virtualization, management of IT is proving to be a huge challenge,” explains Sunny Gupta, Co-Founder and CEO, Apptio. Thus, its TBM solutions provide a single source of record for both IT financial and operational data, data analytics to drive real-time decision support, and applications to automate TBM challenges and streamline business processes. Apptio delivers this technology on-demand in a SaaS model to maximize business value.
At present, the company has experience strong traction from Global 2000 across all industries and its customer roster includes Alaska Airlines, Blue Cross Blue Shield, BNP Paribas, Cisco, Expedia, Hallmark, JPMorgan Chase and Starbucks.
With approximately 85 employees currently, Apptio plans to hire roughly 30 employees by the end of 2010 across all functions - sales, marketing, R&D and customer success.