Zylo, a company positioning itself as an enterprise leader in SaaS Management, has raised an additional $5m in Series C funding.
The round was led by MassMutual Ventures and brings the total raised in the round to $36.5m.
Zylo announced the first tranche of its $31.5m Series C raise in November. Baird Capital’s Venture Team led the initial Series C round, which also included Spring Lake Equity Partners and existing investors Bessemer Venture Partners, Menlo Ventures and High Alpha, as well as strategic partner and investor Coupa Ventures.
Companies such as Adobe, Atlassian, Coupa, Doordash, Intuit, Slack, Salesforce, and Yahoo leverage Zylo’s technology and SaaS Management expertise to control the rising costs and risks of SaaS while improving software adoption by employees and driving innovation.
According to Zylo, this additional funding comes in the wake of an exceptionally strong year of growth.
Having experienced several record-breaking quarters, the company said it doubled new business and welcomed many innovative organisations to its roster of customers.
Chuck Svirk, partner at MassMutual Ventures, said, “By enabling organisations to manage their growing SaaS portfolios and derive the greatest value from their SaaS investments, Zylo is solving a problem that nearly every organisation faces – and one that’s become more apparent in the current economic climate.”
Eric Christopher, CEO at Zylo, added, “The growth-at-all-costs model of the past is over, as organisations take more fiscally responsible positions.
“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.”
Earlier this year, Skybox Security, a SaaS-based security posture management platform, raised $50m in funding and named a new CEO.
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