Apptio on Tuesday said it has secured a $14 million second round of funding that includes participation from Internet browser pioneer Marc Andreessen.
Bellevue, Washington, Apptio announced that new investors the Andreessen Horowitz Fund and Shasta Ventures would be joining previous investors Greylock Partners and Madrona Venture Group in the round.
Launched in 2008, Apptio develops online-delivered financial management software that targets IT departments. The startup plans to use the funding to boost product development, sales, and marketing plans.
“Apptio has the critical application set to usher in a new era for IT management,” said Mr. Andreessen. “Their solution addresses the biggest challenge for today’s CIO – establishing the financial and performance management discipline necessary to run the IT organization like a business,”
Andreessen Horowitz is a $300 million venture capital fund that was launched June 6 by Mr. Andreessen and Ben Horowitz, who served as CEO at Opsware, founded by Mr. Andreessen and sold to Hewlett-Packard for $1.6 billion in 2007.