GoodData Raises $22 Million From Brazil’s TOTVS Ventures
Business intelligence startup GoodData just announced that it had landed a $22 million Series D round of funding from TOTVS Ventures, the investment arm of TOTVS, the Brazil-based enterprise software company.
I just got off the phone with CEO and founder Roman Stanek (pictured) who said that TOTVS, which is Latin America’s biggest software company and the sixth largest provider of enterprise software in the world, had been looking for a data analytics product to offer its 30,000 customers.
“The discussions started about six months ago and in the end they liked us so much they decided to invest,” Stanek said.
Existing investors Andreessen Horowitz, General Catalyst Partners, Next World Capital and Tenaya Capital all participated in the round. Its last funding round was a $25 million Series C led by Tenaya Capital, while Andreessen Horowitz led its Series B. The latest round pushes its total capital raised to north of $75 million. TOTVS’s Alexandre Dinkelmann will join the GoodData board of directors.
In addition to the investment, TOTVS has become a distribution partner, giving GoodData access to a market worth about $9 billion.
GoodData, you’ll remember, has sought to create a business based on finding meaning within otherwise indecipherable data. This wouldn’t be the first time you’ve heard this idea. Indeed, companies like IBM, Hewlett-Packard, SAP and Oracle, as well as many other VC-funded startups, are all trying sell their customers on varying iterations of the same idea.
GoodData’s approach is to offer its business intelligence platform as a cloud service. Its customers include AOL and LivingSocial. And rather than compete directly with the usual providers of business-intelligence software, like SAP, Oracle and IBM, it offers its service indirectly, via cloud service providers like Amazon Web Services, Dell’s Boomi cloud-integration service, and Okta, the start-up focused on providing unified access to SaaS services.