Zylo, an Indianapolis, US-based company that provides a SaaS management platform, secured an additional $5 million in Series C funding to fuel continued growth amid surging demand for smart spending and economic uncertainty.
The additional investment was from MassMutual Ventures. Zylo announced the first tranche of its $31.5M Series C raise in November and has raised more than $72.5 million to date.
This additional funding comes in the wake of an exceptionally strong year of growth for Zylo. The company doubled new business and welcomed many innovative organizations to its roster of customers which already includes enterprises such as Adobe, Atlassian, Coupa, Doordash, Intuit, Salesforce, and Yahoo.
“The growth-at-all-costs model of the past is over, as organizations take more fiscally responsible positions,” said Eric Christopher, CEO at Zylo. “Fiscal health is critical to surviving in today’s economic climate, and continually driving cost savings is not just important in the short term, but will be well into the future. SaaS Management must be part of the conversation, as it has the most immediate impact. In fact, we identified up to 40% of unused SaaS licensing within our customer base in 2022 alone.”
Zylo added more than 2,000 new applications to its Zybrary and more than $1B to its SaaS spend under management, totaling $30B in spend.
Company: Zylo, Inc.
Round: Series C
Funding Month: February 2023
Lead Investors: MassMutual Ventures
Company Website: https://zylo.com/
Software Category: SaaS Management Software
About the Company: Zylo is a SaaS management platform that enables companies to organize, optimize, and orchestrate SaaS. Organizations such as Adobe, Atlassian, Coupa, Doordash, Hootsuite, Intuit, Slack, Salesforce, and Verizon Media leverage Zylo’s technology and unparalleled SaaS management expertise to control the rising costs and risks of SaaS while improving the software experience for employees. With more than 30 million SaaS licenses and $25 billion in SaaS spend under management, Zylo is fueled by more data and delivers actionable insights and automated workflows that enable IT and finance teams to effectively and efficiently manage and optimize their growing SaaS portfolios.