Software firm Tenon to use $8M investment round to fund expansion
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Indianapolis-based Tenon Software Inc., which was named Startup of the Year at last month’s TechPoint Mira Awards, plans to use $8 million in new funding to expand its staff, accelerate product development and boost marketing.
The 13-month-old company leaked news of the investment round at last month’s Mira Awards ceremony before announcing details about the funding on Tuesday.
Tenon said the $8 Series A capital round was co-led by Indianapolis-based venture studio High Alpha and New York City-based global investment firm StepStone Group. The round also included continued investment from ServiceNow Ventures, the venture capital arm of Silicon Valley-based enterprise software giant ServiceNow Inc.
Tenon, which launched out of Indianapolis-based venture studio High Alpha in April 2023, helps enterprise-scale marketing teams collaborate and execute campaigns. The company operates from High Alpha’s headquarters at 830 Massachusetts Ave.
The company said it plans to expand from 10 employees to 26 to help it accelerate product development. It also plans to further integrate its marketing efforts with the ServiceNow Sales and Order Management platform.
“Despite having so many tools at their fingertips, marketers are underserved with solutions that can connect and streamline their work from a single platform,” Tenon co-founder and CEO Ben Person said in written remarks. “This funding will allow the Tenon team to combine marketing work management with marketing automation, to unlock unprecedented efficiency gains for enterprise marketing teams.”