Apptio, a Bellevue, Washington-based provider of SaaS-delivered Technology Business Management solutions this morning announced that it has closed a $16.5 million Series C round – the company has now raised up to $37.5 million in venture capital.
The financing round, which the company says was oversubscribed, was led by Shasta Ventures, with participation from all current investors including Andreessen Horowitz, Greylock Partners and Madrona Venture Group.
The additional capital will be used to scale Apptio’s business across all functions and enter new markets with its solutions, which help businesses manage the cost, quality and value of IT services. Apptio claims the additional funding comes on the heels of 300 percent year-over-year bookings growth.
Apptio’s aptly named Technology Business Management solutions provide a single source of record for both IT financial and operational data, data analytics to drive real-time decision support, and applications to automate TBM challenges and streamline business processes. Apptio delivers this technology on-demand in a SaaS model to maximize business value.
Apptio’s customer roster includes Alaska Airlines, Blue Cross Blue Shield, BNP Paribas, Cisco, Expedia, Hallmark, JPMorgan Chase and Starbucks.
The company says it has recruited more than 30 employees since the beginning of the year, with 30 additional hires expected by the end of 2010.