February 16, 2023, Indianapolis — To further cement its position as the industry leader, Zylo, the enterprise leader in SaaS Management, today announced that it had received an additional $5 million in Series C financing from MassMutual Ventures. Zylo also celebrated significant milestones from 2022.
According to Chuck Svirk, Partner at MassMutual Ventures, “Zylo is solving a problem that almost every organization faces and one that’s become more apparent in the current economic climate by enabling organizations to manage their growing SaaS portfolios and derive the greatest value from their SaaS investments.” “Zylo has established itself not just as the category’s founder but also as the category’s undisputed leader, setting the bar for SaaS Management technology today.”
In November, Zylo made the first announcement of its $31.5M Series C financing. The C round was headed by the Venture Team at Baird Capital, with participation from Coupa Ventures, Spring Lake Equity Partners, and current investors Bessemer Venture Partners, Menlo Ventures, and High Alpha.
This fresh capital follows an awe-inspiring year of growth for Zylo. With multiple record-breaking quarters under its belt, the company quadrupled new business and added several cutting-edge companies to its clientele, including giants like Adobe, Atlassian, Coupa, Doordash, Intuit, Salesforce, and Yahoo.
Organizations are under increasing pressure to save costs while the economy remains uncertain. SaaS is currently the second-largest operational expenditure for the majority of businesses. Organizations are becoming more aware of the need for SaaS management technologies and services to save costs, manage pricey renewals, reduce risk, and halt SaaS sprawl. Zylo assisted clients in 2022 in identifying over USD 3.2 billion in unnecessary SaaS expenditure. Zylo added more than 2,000 new apps to its Zybrary and over $1B to its SaaS spend under control, for a total of $30B in expenditure, driven by the most data in the SaaS management environment.
Eric Christopher, CEO of Zylo, declared that “the growth-at-all-costs paradigm of the past is over as firms take more financially prudent attitudes.” “In the current economic context, maintaining a healthy balance sheet is essential to survive, and pursuing ongoing cost cuts will be crucial far into the future. Since SaaS Management has the greatest direct influence, it must be discussed. In 2022, we found up to 40% of underutilized SaaS licenses in our client base.”
The market leader in SaaS management is Zylo. Zylo’s enterprise-proven technology and unmatched SaaS Management experience are used by businesses like Adobe, Atlassian, Coupa, Doordash, Intuit, Slack, Salesforce, and Yahoo to manage the escalating costs and risks of SaaS while enhancing employee software uptake and fostering creativity.
We try our best to fact-check and bring the best, well-researched, and non-plagiarized content to you. Please let us know
-if there are any discrepancies in any of our published stories,
-how we can improve,
-what stories you would like us to cover and what information you are looking for, in the comments section below or through our contact form! We look forward to your feedback, and thank you for stopping by!
Next Article
