Adaptive Insights raises $75 million as Bay Area fundraising spree continues

Let the cash-flush times keep rolling.

The big-dollar funding deals continue with Adaptive Insights on Tuesday announcing it has raised $75 million from investors to fuel the company’s global expansion. The round brings the Palo Alto-based company’s total financing to more than $176 million.

New investor JMI Equity joins the round along with existing investors Norwest Venture Partners, ONSET Ventures, Bessemer Venture Partners, Cardinal Venture Capital, Monitor Ventures and Information Venture Partners.

Adaptive Insights makes financial software for businesses that offers capabilities for budgeting, forecasting, reporting and business intelligence. It aims to replace the more traditional Microsoft Excel that is still common among company financial officers, although the cloud-based software goes way beyond basic financial planning to include expense analytics and sales performance. It has 2,700 customers in 85 countries, including Coca-Cola, University of Arizona, FireEye, LinkedIn and ZenDesk.

The company reported 50 percent year-over-year growth in total annual revenue, and its international growth jumped 75 percent from the first quarter of 2014 to the first quarter of this year.

Last week, San Francisco-based Postmates, an on-demand delivery service, raised $80 million and Credit Karma, which offers consumers free credit reports and financial advice, raised $175 million. Earlier this month, San Francisco-based Doctor on Demand, the mobile on-demand physician service, raised $50 million, and Cohesity, a Santa Clara web storage and big data company, raised $55 million.

Above: Illustration from Thinkstock

 

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