Tuesday, August 31, 2010

Apptio Raises $16.5M

Seattle-based Apptio said this morning that it has raised $16.5M in a Series C funding round. The round was led by Shasta Ventures, and also included current investors Andreessen Horowitz, Greylock Partners and Madrona Venture Group. Apptio is a provider of software-as-a-service tools used by companies to measure the costs of their IT resources. According to President and CEO Sunny Gupta in an interview yesterday, the new funding will go towards market expansion. Gupta said that the firm has been growing very rapidly -- 300 percent growth from last year -- and the firm will use the funding to increase sales and marketing and other expansion efforts. Apptio's customer based includes Alaska Airlines, Blue Cross Blue Shield, BNP Paribas, Cisco, EMD Chemical, Expedia, Hallmark, JPMorgan Chase, Saint Luke's Health System, Starbucks and Volkswagen Credit, along with other Fortune 100/1000 firms. More information »