Total amount raised
$154.1 Millions
Latest funding date
9/1/2022
Location
Tray.io has successfully raised significant funding over multiple rounds, with notable investors including CPP Investments and StepStone Group. The platform offers an AI-ready Integration Platform as a Service (iPaaS) designed to enhance business performance through AI integration and automation.
Keep reading to explore the intricacies of Tray.io's fundraising journey and the investors backing this innovative platform.
What Is tray.io?
Founded on April 14, 2012, tray.io is headquartered in San Francisco, California. The company was established by Alistair Russell, Dominic Lewis, and Rich Waldron. With a team of 101-250 employees, tray.io offers a cloud-based software integration platform designed to automate complex processes and connect various cloud services using APIs.
How Much Funding Has tray.io Raised?
- Pre-Seed Round
- Amount Raised: Not publicly disclosed
- Date: July 2012
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Initial funding to develop the core platform.
- Seed Round
- Amount Raised: $600K
- Date: November 2012
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the development team and accelerate product development.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: April 2013
- Lead Investors: Fig VC
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue product development and early market testing.
- Seed Round
- Amount Raised: $2.2M
- Date: April 2015
- Lead Investors: True Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the platform and begin customer acquisition.
- Series A
- Amount Raised: $5M
- Date: November 2016
- Lead Investors: Mosaic Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance platform capabilities and expand market reach.
- Series A
- Amount Raised: $14.3M
- Date: June 2018
- Lead Investors: Notable Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and increase customer base.
- Series B
- Amount Raised: $37M
- Date: April 2019
- Lead Investors: Spark Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance product features.
- Series C
- Amount Raised: $50M
- Date: November 2019
- Lead Investors: Meritech Capital Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and expand market presence.
- Series C
- Amount Raised: $40M
- Date: September 2022
- Lead Investors: CPP Investments
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate product development and fuel go-to-market initiatives.
Total Amount Raised: $149.1M. Current Valuation: Not publicly disclosed.
Key Investors
- Canada Pension Plan Investment Board (CPP Investments)
- Details: CPP Investments is a professional investment management organization that invests the funds not needed by the Canada Pension Plan to pay current benefits. It is one of the largest pension fund managers in the world.
- Investment Focus Areas: Public equities, private equities, real estate, infrastructure, fixed income.
- Notable Investments: Alibaba, Enbridge, Glencore.
- True Ventures
- Details: True Ventures is a venture capital firm that invests in early-stage technology companies. They focus on providing seed and Series A funding to startups.
- Investment Focus Areas: Early-stage technology companies.
- Notable Investments: Peloton, Ring, Duo Security.
- GGV Capital
- Details: GGV Capital is a multi-stage venture capital firm that invests in technology companies. They have a global presence with a focus on both consumer and enterprise sectors.
- Investment Focus Areas: Consumer, internet, enterprise/cloud, smart tech.
- Notable Investments: Alibaba, Slack, Square.
- Spark Capital
- Details: Spark Capital is a venture capital firm that invests in early and growth-stage companies. They focus on sectors such as consumer, commerce, fintech, software, and media.
- Investment Focus Areas: Consumer, commerce, fintech, software, media.
- Notable Investments: Twitter, Oculus, Slack.
- Meritech Capital Partners
- Details: Meritech Capital Partners is a late-stage venture capital firm that focuses on technology companies. They provide growth capital to companies that are leaders in their respective markets.
- Investment Focus Areas: Technology companies.
- Notable Investments: Facebook, Salesforce, Tableau.
What's Next for tray.io?
Tray.io stands at the cusp of a significant opportunity, driven by the burgeoning demand for hyperautomation, a market projected to reach $860 billion by 2025. The company's recent $40 million funding round, backed by prominent investors like CPP Investments and True Ventures, positions it well to capitalize on this trend. With a 115% increase in year-over-year revenue and a 444% surge in tasks running on its platform, Tray.io is poised to expand its reach into the upper mid-market and enterprise sectors.
Future fundraising opportunities seem promising, given the substantial market size and Tray.io's impressive growth metrics. The company is likely to attract further investment to accelerate product development and enhance go-to-market strategies. However, challenges such as managing rapid growth, navigating economic volatility, and competing with other low-code platforms could pose hurdles. Despite these challenges, Tray.io's focus on innovation and market expansion suggests a bright future in the realm of business automation and digital transformation.
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