Venture Capital News: Zylo Receives $9.3M
INDIANAPOLIS , IN, Zylo, the leading enterprise SaaS optimization platform, today announces completion of a $9.3 million Series A funding round.
The round was led by Bessemer Venture Partners with participation from Salesforce Ventures and the Slack Fund. Repeat investors include High Alpha Capital, GGV, SV Angel, and Hyde Park Venture Partners.
Byron Deeter of Bessemer Venture Partners will join Zylo's Board of Directors. Byron directly led investments in seven cloud IPOs (SendGrid, Twilio, Instructure, Box, Criteo, Eloqua, Cornerstone OnDemand) in the past six years, more than any other venture capitalist, and invested in numerous high-growth private cloud companies.
The Zylo platform provides one system of record for all SaaS and cloud-based software used across a company, giving an organization visibility into what software is used, how much is spent and how to optimize their SaaS and cloud-based software investments. Zylo works with dozens of the largest enterprises around the world, including industry leaders in pharmaceutical, financial services, cloud consulting and technology sectors. The Zylo platform is managing over 1 million unique SaaS user licenses and more than $1 billion of annual SaaS subscription spend on behalf of its customers.
"Zylo is pioneering a new category of software and we are thrilled to assemble a dream team of investors who are going to help us extend our market leadership much further," said Eric Christopher, Zylo's CEO. "With the support of Bessemer Venture Partners, Salesforce Ventures, the Slack Fund and Byron's addition to our board, we are well on our way to building the new enterprise standard of how cloud software is managed."
Zylo will use the funds to significantly grow its entire team, with a priority on the customer success and engineering teams, as well as expand its platform, which provides transparency for the enterprise to discover all SaaS software applications, manage complex renewals, measure real-time utilization and optimize software licenses for every SaaS subscription in the organization.
"The cloud computing revolution is underway, and the next big stage involves more strategic management of cloud investments by leading enterprises," said Byron Deeter, a top cloud investor and partner at Bessemer Venture Partners. "Zylo is a forward-thinking SaaS optimization platform that transforms the way organizations think about and manage their SaaS. I look forward to being an active partner to this veteran team and their big vision."
Zylo launched in June of 2016 out of High Alpha Studio and announced a $3.3 million seed round in October 2016. The company boasts integrations with Concur, Expensify, G Suite by Google Cloud, Intacct, Microsoft Office 365, Netsuite, Okta, Onelogin, Salesforce, Slack, Veeva Systems. This announcement follows Zylo's recognition in Forrester Research's December 2017 Report, Five Essential Components Of Great SaaS Governance To Build Agility and Risk, as an IT Cost Transparency tool 'leading the way.'
For more information on Zylo or a demo, visit zylo.com or follow @getzylo.
Zylo is the leading enterprise SaaS optimization platform that transforms how companies manage and optimize their SaaS applications. By providing transparency of SaaS spend, user utilization and feedback, Zylo provides one SaaS system of record, empowering business leaders to discover, manage, measure and optimize their SaaS investments. Visit zylo.com or follow @getzylo for more information.
About Salesforce Ventures
Salesforce, the global CRM leader, empowers companies to connect with their customers in a whole new way. Salesforce Ventures -- the company's corporate investment group -- invests in the next generation of enterprise technology that extends the power of the Salesforce Intelligent Customer Success Platform, helping companies connect with their customers in entirely new ways. Portfolio companies receive funding as well as access to the world's largest cloud ecosystem and the guidance of Salesforce's innovators and executives. With Salesforce Ventures, portfolio companies can also leverage Salesforce's expertise in corporate philanthropy by joining Pledge 1% to make giving back part of their business model. Salesforce Ventures has invested in more than 250 enterprise cloud startups in 14 different countries since 2009. For more information, please visit www.salesforce.com/ventures.
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