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CEO Of $2B Tech Startup Gleefully Tells Investors And Customers "We've Been Lying To People"

"Ha ha ha... Kill him" replied Larry Fink.

When Domo "secretly" launched last April with a $2 billion valuation out of the gate, we all sighed and thought "Oh, those Silicon Valley bros and their tech-enabled balls."

Raising a huge amount venture capital, showing some revenue and then telling the world that you're a "unicorn" without anyone even knowing who you are is the kind of thing that you don't see in other industries. But it was just that kind of bravado that grabbed Domo attention in the already cojones-filled word of tech.

But according to BI, it turns out that Domo founder and CEO Josh James wasn't quite done showing us how low he thinketh his own balls doth hang...

First off, Domo announced today that it's raised another $131 million in funding, including capital from BlackRock, keeping its valuation steady at $2 billion. Business Insider has also discovered that Domo still has $200 million in the bank, a number that James confirmed.
Second, and more importantly to James, Domo has a new upgraded app, called "The Business Cloud," announced at today's Domopalooza event in Salt Lake City.

More money and a slick new product? Seems a little tame for these Domo bros... unless they've been pouring tons of money into that new product without telling anyone for months now...

This souped-up system has been in the works since Domo was founded in 2010, James says, and has taken over $500 million in R&D investment. 

But at least James was a corporate professional and played this thing straight with stakeholders.

In fact, he says he's lied to Domo's customers, investors, and even some of its own directors about what the company has been up to, amid concerns of getting copied before what he calls the "true" Domo could come out.
"We've been lying to people, we haven't told anybody what we're doing," James says.

Wow. Them some balls Josh.

You know who thinks it's f@cking hilarious to be told he's been lied to after forking over hundreds of millions in investment capital?... Us neither, but we're damn sure it ain't Larry Fink.

Good luck on the next funding round... bro.

The CEO of $2 billion startup Domo: 'We've been lying to people' so we could surprise them with our master plan [BI]


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