Pendo today announced $150 million in funding to help companies bridge the gap between how users expect software to work and their experience actually using it. Led by B Capital Group, with participation from Silver Lake Waterman and existing investors, the Series F round will fund aggressive global expansion, strategic acquisitions and continued innovation in Pendo's platform that helps product and IT teams drive adoption of the software they build for customers or provide to internal employees.

The investment brings Pendo's total funds raised to $356 million and its valuation to $2.6 billion. The company also announced a significant revenue milestone; it has surpassed $100 million in annual recurring revenue.

Joining B Cap and Silver Lake Waterman in the round are existing investors Battery Ventures, Meritech Capital Partners, Sapphire Ventures, General Atlantic, Tiger Global Management, FirstMark Capital, Geodesic Capital, IDEA Fund Partners and Contour Venture Partners.

Pendo's mission is to elevate the world's experiences with software. Using Pendo, product and digital teams help people adopt software more quickly and successfully. Pendo customers include the world's leading software companies and digital enterprises, including Verizon, RE/MAX, LabCorp, OpenTable, Okta, Salesforce, and Zendesk. Through its ProductCraft and customer communities, sponsored events and podcast, Pendo aims to support the success of product and digital leaders everywhere.