- Emerging SaaS Management category Zylo announced it raised $22.5 million in Series B funding
Zylo — a leader in the emerging SaaS Management category — announced it completed a $22.5 million Series B funding round. This round of funding was led by Menlo Ventures. Existing investors Bessemer Venture Partners, High Alpha, Revolution’s Rise of the Rest Seed Fund, Salesforce Ventures, and the Slack Fund also joined the round. Including this round, Zylo has raised more than $35 million.
In conjunction with this funding round, Matt Murphy of Menlo Ventures is joining Zylo’s board of directors. Murphy previously led investments in other successful SaaS companies like AppDynamics, Carta, Harness, Scout, and Heap Analytics.
“We work with the largest companies in the world to solve a pressing challenge for CIOs: gaining the visibility and capabilities they need to professionally manage the proliferation of SaaS applications,” said Zylo co-founder and CEO Eric Christopher. “Today, enterprises spend an average of $10,000 or more per employee on SaaS, making the stakes higher than ever for CIOs to optimize their investments and give employees tools that maximize productivity.”
Now Zylo manages over $10 billion in SaaS spend and nearly 1 billion employee SaaS-based interactions for customers including Nike, Adobe, Slack, Autodesk, Zendesk, and Atlassian. And the company recently released its State of Enterprise SaaS Management benchmarking report powered by its patent-pending SaaS Discovery Engine — which has analyzed more than $133 billion in supplier transactions.
This round of funding will enable Zylo to significantly grow its workforce across all areas of the business including engineering and data science roles. Plus the company will be delivering on a bold product roadmap that will successively transform how SaaS is purchased, managed, and used by every employee in the enterprise.
“SaaS is undergoing a Cambrian like explosion in the number and types of applications and the buying decision has never been more distributed within organizations. Along with that proliferation comes the need for SaaS Management, a category that Zylo created and leads,” added Murphy. “We’re thrilled to be backing the Zylo team on its mission to bring a new level of software management for SaaS that includes cost efficiency, security, and informed choice.”
