Tiger-Backed Startup Pendo Raises Funds at $2.6 Billion Value

Pendo, a startup that helps companies develop better software products, has raised $150 million at a $2.6 billion valuation with an initial public offering potentially on the horizon.

B Capital, the venture capital firm started by billionaire Facebook Inc. co-founder Eduardo Saverin and backed by management adviser Boston Consulting Group, is leading the round, Pendo Chief Executive Officer Todd Olson said in an interview.

Silver Lake Waterman, a fund that focuses on investing in pre-IPO companies according to Silver Lake’s website, is joining as a new investor in Pendo, Olson said. Existing investors including Battery Ventures, General ...