Additional Series C funding from MassMutual Ventures comes on the heels of strong 2022 growth
Zylo, the enterprise leader in SaaS Management, today announces it has secured an additional $5 million in Series C funding from MassMutual Ventures and celebrates key milestones from 2022, further solidifying its position as the market leader.
“By enabling organizations to manage their growing SaaS portfolios and derive the greatest value from their SaaS investments, Zylo is solving a problem that nearly every organization faces – and one that’s become more apparent in the current economic climate,” said Chuck Svirk, Partner at MassMutual Ventures. “Zylo has emerged not only as the category creator, but the clear category leader setting the standard for SaaS Management technology today.”
Zylo announced the first tranche of its $31.5M Series C raise in November. Baird Capital’s Venture Team led the 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.
This additional funding comes in the wake of an exceptionally strong year of growth for Zylo. Having experienced several record-breaking quarters, 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.
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Amid economic uncertainty, organizations face mounting pressure to reduce expenses. Today, SaaS is the second largest operating expense of most companies. Increasingly, organizations recognize the need for SaaS management technology and services to drive down spending, control costly renewals, mitigate risk and stop SaaS sprawl. In 2022, Zylo helped customers identify nearly $3.2 billion in wasted SaaS spend. Fueled by the most data in the SaaS management landscape, 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.
“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.”
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“Like many organizations, we’re always looking for ways to trim unnecessary costs and eliminate waste,” said Evan Stolk, technical buyer at Vivint. “By leveraging the Zylo platform to identify purchasing inefficiencies and opportunities to rightsize licenses, we’ve been able to drive significant cost savings on a few key applications and are actively working to identify and act on even more opportunities for optimization.”
More 2022 Milestones for Zylo
- During the third quarter, Zylo also produced SaaSMe 2022, the industry’s only event for IT, finance and procurement leaders focused on forging a dynamic partnership to drive down costs while fueling adoption and innovation. In its second year, the event drew a record number of attendees and featured speakers from Adobe, Redis, Pushpay, CM Group, LinkedIn, Biogen, Highspot and others.
- On the heels of SaaSMe, Zylo released the first episode of season two of SaaSMe Unfiltered, the industry’s only SaaS management podcast focused on how organizations can maximize their SaaS investments. The podcast, available on all major podcast platforms, further cements Zylo’s position as the SaaS management leader.
- Throughout the year, Zylo won awards from major organizations like the Inc. 5000, SAP being named a Concur Endorsed App and was identified as a representative vendor in the Gartner Market Guide for SaaS Management Platforms. The company was also recognized as a top startup employer by Forbes and recognized by the Indianapolis tech community with nominations for three Techpoint Mira Awards in 2022.
- In 2022, Zylo hired strategic additions to the team to maximize industry expertise for customers. These individuals include D. Wayne Poole as COO, Courtney Shaffer Lovold as SVP of Sales and Jason Leet as CFO.