TBM startup Apptio raises $45M; plans to expand global footprint

Summary:Enterprise software startups continue to surge, and IT services company Apptio is proving to be no different.

Apptio, an IT startup that develops on-demand technology business management solutions, has closed another major round of venture capital founding.

The Bellevue, Wash.-based company raised $45 million in a Series E funding round, bringing the total amount raised by Apptio to $136 million.

Additional funding came from existing investors such as Andreessen Horowitz, Greylock Partners, Madrona Venture Group, Shasta Ventures, and certain accounts managed by T. Rowe Price Associates.

New investors include funds managed by Janus Capital, The Hillman Company, and an unnamed global institutional investor.

Apptio closed its Series D round in March 2012.

Since then, Apptio asserted that revenue has nearly doubled with more than 125 global enterprise customers already signed on for its TBM products. Some of the global corporate customers include Boeing, Royal Bank of Scotland, Safeway, Target and Xerox.

Apptio has also nearly tripled its employee base from 115 in December 2010 to nearly 350 now.

An Amazon cloud partner, plans for the new capital include further investment in the company’s technology platform as well as expansion of Apptio’s international presence -- starting with more development in Western Europe.

Topics: Start-Ups, Enterprise Software, IT Priorities, Tech Industry, Developer


Rachel King is a staff writer for CBS Interactive based in San Francisco, covering business and enterprise technology for ZDNet, CNET and SmartPlanet. She has previously worked for The Business Insider, FastCompany.com, CNN's San Francisco bureau and the U.S. Department of State. Rachel has also written for MainStreet.com, Irish Americ... Full Bio

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