Zylo, an Indianapolis, US-based SaaS management, today announced $31.5 million in Series C funding led by Baird Capital’s Venture Team, bringing Zylo's total raised to more than $67.5 million.
Spring Lake Equity Partners and existing investors Bessemer Venture Partners, Menlo Ventures, and High Alpha in the round, as well as a strategic partner and investor Coupa Ventures also participated in the round.
This funding will allow Zylo to accelerate product development, expand go-to-market and engineering teams in the Indianapolis area, as well as hybrid hiring across the country
Organizations worldwide rely on Zylo to find, manage, and reduce SaaS application spending, sprawl, and risk—challenges brought to the forefront given the current economic climate.
"We're proud to welcome Baird Capital's Venture Team and Spring Lake Equity Partners as new investors who, along with our returning partners, recognize the potential Zylo has to cement our position as the SaaS Management category leader," said Eric Christopher, CEO, and co-founder of Zylo. "This funding will allow us to accelerate product innovation and hiring, building on the success we've experienced this past year—a growth period that included doubling new business and setting records for demand and customer retention."
This funding announcement comes on the heels of a record-setting year. In addition to Zylo's increases in demand, new business, and customer retention, the company was named by G2 as a leader in two categories: SaaS spend management and SaaS operations management.
Company: Zylo, Inc.
Raised: $31.5M
Round: Series C
Funding Month: November 2022
Lead Investors: Baird Capital’s Venture Team
Additional Investors: Spring Lake Equity Partners, Bessemer Venture Partners, Menlo Ventures, High Alpha, and Coupa Ventures
Company Website: https://zylo.com/
Software Category: SaaS Management & Optimization
About the Company: Zylo is the enterprise leader in SaaS management. Companies such as Adobe, Atlassian, Coupa, Doordash, Intuit, Slack, Salesforce, and Yahoo leverage Zylo's enterprise-proven technology and unparalleled SaaS management expertise to control the rising costs and risks of SaaS while improving software adoption by employees and driving innovation. With more than 30 million SaaS licenses and $30 billion in SaaS spending under management, Zylo is fueled by more data than any other provider. Zylo also offers a suite of spend optimization services to drive greater cost savings while freeing up resources, implementing a proven best-in-class approach to manage SaaS negotiations from end to end.
Source: https://zylo.com/news/zylo-announces-series-c-baird-capital/