TPG

Denodo raises $336 mln in funding from private equity giant TPG

Sept 13 (Reuters) -

Private equity firm TPG TPG.O has agreed to invest $336 million in data management company Denodo, in a deal that underscores the dissipating gloom over private market funding that had squeezed several startups last year.

The investment will be made through TPG Growth, the PE firm's middle market and growth equity platform, and will be in the form of Denodo's preferred shares, the companies said on Wednesday.

Existing investor HGGC, which backed the company in 2017, will sell some of its shares in the transaction but will remain a "significant" backer.

The renewed confidence in Wall Street following increased odds of a "soft landing" for the economy, has also lifted sentiment in the venture capital and private funding market.

Over the past few months, startups across artificial intelligence, biotech and cryptocurrency sectors have raised funds after a prolonged funding winter.

Denodo helps its customers ranging from large businesses to mid-market companies with data integration and management.

J.P. Morgan was the sole placement agent for Denodo in the transaction.

(Reporting by Niket Nishant in Bengaluru; Editing by Dhanya Ann Thoppil)

((Niket.Nishant@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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