Nitro is a global, document-productivity software company, serving both individuals and enterprises with PDF workflow solutions as well eSignature and business intelligence (BI) tools.

Background:

In 2014, Battery Ventures led Nitro’s $15 million series B financing.

At the time, Nitro’s customer base was largely small- to medium-sized businesses, but the company’s enterprise segment represented its fastest-growing customer cohort. Battery recognized an opportunity for Nitro to move up-market and compete with Adobe for enterprise market share in the document-collaboration market. Further, Nitro’s newly launched cloud product created an opportunity to build a prominent cloud-based business serving the next generation of corporate workflows.

Battery’s Impact:

• Alongside the launch of Nitro’s cloud offering, Battery helped Nitro move from a term-license to a subscription business model and orient its business around best-in-class metrics for recurring-revenue businesses.
• Battery helped Nitro build an enterprise-grade, outbound go-to-market function to pursue aggressive growth in the enterprise market.
• Battery assisted with the acquisition of doxIQ to deepen Nitro’s analytics offerings across its product suite.
• Battery played an active role in helping with executive hiring, including recruiting the following roles: CFO, VP of sales, chief marketing officer, VP of engineering, VP of product and an independent board member ahead of the company’s initial public offering.

Outcome:

Originally founded Australia, Nitro completed its initial public offering on the Australian Securities Exchange (ASX) in December of 2019.