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Looking to fasten growth into new markets and capitalize on the untapped market opportunity for its solutions, Apptio, a provider of on-demand Technology Business Management (TBM) solutions, has announced an oversubscribed $16.5 million series C round of funding led by Shasta Ventures.

The company has announced that this funding has also got strong participation from all current investors including Andreessen Horowitz, Greylock Partners and Madrona Venture Group.

Doubling its stable of Fortune 1000 customers and earning 300 percent year-over-year bookings growth; Apptio has achieved unprecedented growth in the last 12 months. Apptio's customer roster has quickly grown to include Alaska Airlines, Blue Cross Blue Shield, BNP Paribas, Cisco (News - Alert), EMD Chemical, Expedia, Hallmark, JPMorgan Chase, Saint Luke's Health System, Starbucks and Volkswagen Credit, among others.

“We are operating with a very strong cash position, but still received high interest from outside investors which ultimately influenced the timing of this financing round," said Sunny Gupta, co-founder, president and CEO of Apptio. "Customer adoption of our Technology Business Management solutions has doubled, and with this funding we can rapidly accelerate our growth, launch new products and pursue new markets to further cement our leadership”

Apptio claims the company was able to receive new funding because of its achievements such as 300-percent bookings growth, rapid product innovation, broad industry recognition and global customer adoption. The company has hired more than 30 employees since the beginning of the year, with 30 additional hires expected by the end of 2010 to meet the increasing demand for its solutions, the company announced in a press release.

In December 2009, the company announced a new set of capabilities to help CIOs and their staff better manage the cost and performance of IT.

Apptio's SaaS (News - Alert)-based suite now includes a Budgeting and Forecasting module which enables IT and finance to perform service-based budgeting, forecasting and variance measurement. With Apptio, the budgeting process can seamlessly work in both an IT Services and classic general ledger cost center framework.