Market Overview

Podium Receives $32 Million Series A Investment From Accel, Summit Partners, and GV (Formerly Google Ventures) to Launch New Interaction Platform

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Podium,
a SaaS platform that enables local businesses and consumers to more
effectively and conveniently interact through messaging tools and online
reviews, today announced it has raised $32 million in Series A funding
in a round led by Accel, with participation from Summit Partners, GV
(formerly Google Ventures), and previous investor Y Combinator.

Prior to Podium's Series A, the company had raised $4 million over two
seed rounds. That $4 million was enough to drive an increase of over 600
percent in year-over-year recurring revenue, taking the company to over
$12 million in ARR by the end of 2016. Podium has also grown its
headcount over 1000 percent to build a team of 175 full-time employees
to-date, and acquired a customer roster that spans across the United
States, totalling over 80,000 users. This growth has been entirely based
on Podium's first product that helps local businesses generate and
report on reviews and feedback. After starting with SMBs in late 2014,
the company is now seeing significant growth with mid-market and
enterprise customers.

"We rarely see such efficient growth paired with such a large market
opportunity," said Miles Clements of Accel. "Podium's growth is on par
with some of the most well-known tech companies in the world, and we
believe that's due to the technology, the team, and a unique approach to
an often neglected market: local businesses."

Podium was founded on the principle that local businesses need help
building an authentic story online. While reviews are a critical piece
of the marketing toolkit for these businesses, Podium's solution
recognizes that they are just one piece of the puzzle. The company's
technology aims to impact the entire customer lifecycle, boosting
consumer engagement even further.

"We believe Podium's vision - to power business to consumer interactions
throughout the entire customer journey - is extraordinarily compelling,"
said Andy Collins of Summit Partners. "The majority of consumer
discovery happens online, but a vast majority of purchases still occur
offline. Podium has the potential to meaningfully influence the massive
end market of local commerce."

Podium's Messenger product is a new addition to the company's platform
that enables businesses to interact with their customers via convenient
channels they are already using, such as text message. The goal is to
give businesses the power to consolidate customer interactions into a
single platform to improve events like scheduling, updates, or general
questions.

"Businesses are rapidly learning that online interactions, online
reviews, or digital communications, lead to offline, face-to-face
interactions and ultimately to purchase decisions," said Eric Rea, CEO
and co-founder of Podium. "That understanding has made us hyperfocused
on improving the relationship between local business and consumers. Our
goal is to make interactions more convenient for consumers and more
productive for businesses. We believe we are the best in the world at
helping local businesses tell their story through online reviews, and we
will continue to work tirelessly to build on that foundation by
providing technology solutions that benefit both the businesses and
their end-consumer."

About Podium

Podium helps businesses drive customer interaction in the form of online
reviews to increase visibility, improve business operations, and drive
purchase decisions. Podium serves 80,000+ users across nearly 10,000
businesses and is redefining the modern relationship between businesses
and customers. Headquartered in Lehi, Utah, and founded in 2014, Podium
has received funding from Accel, Summit Partners, GV (formerly Google
Ventures), and Y Combinator. To learn more, visit www.podium.com
or contact us at press@podium.com.

About Accel

Accel is a leading venture capital firm that invests in people and their
companies from the earliest days through all phases of private company
growth. Atlassian, Braintree, Cloudera, DJI, Dropbox, Dropcam, Etsy,
Facebook, Flipkart, Jet, Lookout Security, Qualtrics, Slack, Spotify,
Supercell, and Vox Media are among the companies the firm has backed
over the past 30 years. The firm seeks to understand entrepreneurs as
individuals, appreciate their originality and play to their strengths.
Because greatness doesn't have a stereotype. For more, visit www.accel.com,
www.facebook.com/accel
or www.twitter.com/accel.

About Summit Partners

Founded in 1984, Summit Partners is a global alternative investment firm
that is currently investing more than $9.5 billion into growth equity,
fixed income and public equity opportunities. Summit invests across
growth sectors of the global economy and has invested in more than 440
companies in technology, healthcare, life sciences and other growth
industries. These companies have completed more than 140 public equity
offerings, and more than 170 have been acquired through strategic
mergers and sales. Notable technology companies financed by Summit
include Acacia Communications, Avast, AvePoint, Gainsight, Hyperion
Solutions, Infor, McAfee, Perforce, RiskIQ, Telerik, Uber, Ubiquiti
Networks and WebEx. Summit maintains offices in North America and
Europe, and invests in companies around the world. For more information,
visit www.summitpartners.com
or follow on Twitter at @SummitPartners.

In the United States of America, Summit Partners operates as an
SEC-registered investment advisor. In the United Kingdom, this document
is issued by Summit Partners LLP, a firm authorized and regulated by the
Financial Conduct Authority. Summit Partners LLP is a limited liability
partnership registered in England and Wales with registered number
OC388179 and its registered office is at 20–22 Bedford Row, London, WC1R
4JS, UK. This document is intended solely to provide information
regarding Summit Partners' potential financing capabilities for
prospective portfolio companies.

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