Total amount raised
$71.7 Millions
Latest funding date
02/01/2023
Location
Zylo has successfully raised funds through multiple rounds, with the latest being a Series C round. The company is backed by 18 investors, including MassMutual Ventures and Spring Lake Equity Partners.
Keep reading to explore the intricacies of Zylo's fundraising journey and the investors backing this innovative SaaS management platform.
What Is Zylo?
Zylo, founded in 2016, is a leader in SaaS management and optimization. The company is headquartered in Indianapolis, Indiana, and was established by Ben Pippenger, Cory Wheeler, and Eric Christopher.
Operating in industries such as analytics, cloud management, enterprise software, and information technology, Zylo employs between 101 and 250 people. The company leverages AI-powered technology to help organizations discover, optimize, and govern their SaaS portfolios, enhancing the overall employee experience.
How Much Funding Has Zylo Raised?
- Seed Round
- Amount Raised: $3.3M
- Date: October 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the company and develop its initial SaaS management platform.
- Series A
- Amount Raised: $9.3M
- Date: January 2018
- Lead Investors: Bessemer Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and accelerate product development.
- Venture Round
- Amount Raised: $100K
- Date: February 2018
- Lead Investors: Revolution’s Rise of the Rest Seed Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support early-stage growth and market penetration.
- Series B
- Amount Raised: $22.5M
- Date: September 2019
- Lead Investors: Menlo Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance the SaaS management platform.
- Series C
- Amount Raised: $31.5M
- Date: November 2022
- Lead Investors: Baird Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and solidify market leadership in SaaS management.
- Series C (Additional)
- Amount Raised: $5M
- Date: February 2023
- Lead Investors: MassMutual Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fuel continued growth amid surging demand for smart spending solutions and economic uncertainty.
Total Amount Raised: $71.7M. Current Valuation: Not publicly disclosed.
Key Investors
- MassMutual Ventures
- Details: MassMutual Ventures is a multistage global venture capital firm with teams in Boston, Singapore, and London, managing over $1 billion in investment capital. They invest in early and growth-stage companies across various sectors.
- Investment Focus Areas: Financial technology, enterprise SaaS, digital health, climate technology, cybersecurity.
- Notable Investments: Crux, VIA, XUND.
- Baird Capital
- Details: Baird Capital provides venture capital, growth equity, and private equity to companies in various sectors. They led the initial $31.5 million Series C round for Zylo.
- Investment Focus Areas: Healthcare, technology, industrial solutions.
- Notable Investments: Not specified.
- Menlo Ventures
- Details: Menlo Ventures is a venture capital firm that invests in seed, early-stage, and growth-stage companies. They have been an existing investor in Zylo.
- Investment Focus Areas: Consumer, enterprise, healthcare technology.
- Notable Investments: Uber, Roku, Warby Parker.
- Revolution’s Rise of the Rest Seed Fund
- Details: Revolution’s Rise of the Rest Seed Fund focuses on investing in startups outside of major tech hubs. They participated in Zylo's venture round.
- Investment Focus Areas: Startups in emerging tech hubs across the U.S.
- Notable Investments: Not specified.
- Bessemer Venture Partners
- Details: Bessemer Venture Partners is a venture capital firm that invests in early-stage, growth-stage, and late-stage companies. They have been an existing investor in Zylo.
- Investment Focus Areas: Cloud computing, consumer, healthcare, enterprise technology.
- Notable Investments: LinkedIn, Shopify, Twilio.
What's Next for Zylo?
Zylo stands at the cusp of significant growth opportunities, driven by the increasing need for SaaS management solutions. With a client base that includes industry giants like Adobe, Atlassian, and Salesforce, the company is well-positioned to help organizations manage their SaaS portfolios, reduce costs, and mitigate risks. The potential to identify up to 40% of unused SaaS licensing within their customer base underscores the vast market opportunity ahead.
Given the strong market demand and recent funding success, Zylo is likely to attract further investment to expand its capabilities and market reach. The company has already raised over $72.5 million, and the additional $5 million in Series C funding from MassMutual Ventures indicates ongoing investor confidence. Future fundraising rounds could support continued growth and innovation, helping Zylo maintain its leadership position in the SaaS management space.
However, Zylo may face challenges such as economic uncertainty and increased competition. Organizations are tightening budgets and scrutinizing expenditures more closely, which could impact SaaS spending. To stay ahead, Zylo will need to continuously innovate and demonstrate the value of its platform to retain and attract customers. Despite these challenges, the company's strong growth trajectory and strategic investments position it well for future success.
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