Here’s the Pendo Pitch deck used to raise a $20m series-B led by Spark Capital with participation from existing investors Battery Ventures, Salesforce Ventures, Contour Venture Partners, Core Capital Partners, and IDEA Fund Partners. Some details in the pitch deck have some details redacted.
Pendo was founded in 2013 by former product managers that have experienced the joys and challenges of creating great products at companies like Rally, Google, Cisco, and Red Hat, among others. With a powerful analytics and guidance platform designed to help companies understand and influence how users interact with their software applications, Pendo is on a mission to improve society’s experiences with software.
Pendo provides software product managers and teams with a powerful integrated platform to better understand and improve the product experience. Without requiring any engineering resources, organizations can use Pendo to extend their product to capture all user behavior, gather feedback, and provide contextual help inside their applications. This unique combination of capabilities enables companies to create a personalized, adaptive experience for each and every user.
Pendo’s customer count has grown 30x over the last 24 months. Recurring revenues have grown by 400 percent over the last 12 months. Pendo is now tracking over 6 billion user actions per month. Current clients include Coupa, Optimizely, Infor, Rapid7, and FICO, among others. Within those companies Pendo is used by numerous teams in the shared interest of improving their product experience, including product management, user experience, sales, customer success, marketing, engineering, and executive leadership. The financing will enable the company to continue to accelerate its growth and expand its product capabilities.
Deck review
The deck is very professional, as one would expect at series-b stage. it is a prime example that you don’t need to use a graphic designer if you structure out a nice template in first instance. My main gripe is that text is rather small and ergo slightly hard to read (See ‘Why Pendo). I also found some Pendo pitch deck slides hard to understand without having prior knowledge; the ‘user engagement’ slides is one such example.
Positive
- Simple, consistent formatting throughout
- They start with a slide demonstrating the quality of the team, their respected investors and strong quarterly growth. It would be cool if they added some logos, or comment to each person on the team so one knows who they are. It’s clear by listing all the ‘VP level’ staff that the team is fully formed, and presumably ready to scale
- The net new ARR is positive. Growth comes out of both new and expansion revenue. I think they redacted some information. It would be useful if this was broken out to also show losses on a customer basis
- I like the TAM, competitive analysis and roadmap slides, despite all the information being redacted. These are useful things to see and show there is real planning behind the business
Negative
- In some instances the Pendo pitch deck slides could be a little more structured and beutified. The ‘go to market’ slide is an example
- The ‘go to market’ slide doesn’t really explain their GTM at all. It’s a weird mix of their focus and user persona
- A large issue is that after flicking through it, I’m not totally clear on what Pendo does and their USP. They are rather short on some slides at the expense of clarity
- The ‘The digital transformation is happening” slide looks quite pretty, but doesn’t really say anything to me and on the next slide, I don’t quite comprehend the meaning of “Users are demanding that their software at work behaves like their software at home.
- On the ‘Foundation: Data” slide, it might be more informative if they used real images rather than mock up icons
- ‘How Infor uses Pendo’ doesn’t actually explain how. The next slide on Henry Shein at least shows results, but doesn’t actually explain how they use it
Pendo pitch deck reading material
How startups outside the bay area can fundraise in a big way
Pendo pitch deck
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