Indy tech company lands more Series C funding
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Indianapolis-based software company Zylo Inc. has closed on an additional $5 million in Series C funding. The company’s platform is designed to help customers manage their Software-as-a-Service subscriptions.
The funding comes less than three months after Zylo completed a $31.5 million Series C round. The latest funding came from Boston-based MassMutual Ventures.
Through the Zylo platform, customers can identify if they have made unnecessary subscription purchases to the same service or find that they are paying for subscriptions that they rarely use.
“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,” MassMutual Ventures Partner Chuck Svirk said in written remarks. “Zylo has emerged not only as the category creator, but the clear category leader setting the standard for SaaS Management technology today.”
Zylo said the new funding follows an “exceptionally strong year of growth,” which includes doubling new business. The company’s client roster includes Adobe, Doordash and Yahoo.
Zylo said SaaS is the second-largest operating expense for most companies, and its platform helped identify nearly $3.2 billion in wasted spending for clients.
“The growth-at-all-costs model of the past is over, as organizations take more fiscally responsible positions,” said Zylo CEO Eric Christopher. “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.”
When it completed its initial Series C round, the company said it had about 125 employees, with about 75 in the Indianapolis area and the rest working remotely around the country.
To date, Zylo has raised more than $71 million in funding.