Deal: $3.3 million seed
Investors: The round was led by High Alpha Capital, GGV Capital, and SV Angel and featured participation from several SaaS industry leaders including Interactive Intelligence founder and CEO Don Brown, ExactTarget co-founder Peter McCormick and former Baker Hill co-founder and President Mark Hill.
What they do: The Indianapolis-based startup is a SaaS optimization platform, helping companies manage and optimize a variety of cloud-based applications. Zylo was founded by Eric Christopher, the former SVP of Sales at Sprout Social, a Chicago-based social media engagement tool that raised a $42M Series C earlier this year. Previously, Christopher served as a Senior Business Development Manager with ExactTarget, a provider of digital marketing software and services that sold to Salesforce in 2013 for $2.3B. ExactTarget is known as one of Indianapolis’ key tech pillars.
According to the company, Zylo will use the funds to grow its sales, marketing and engineering workforce, as well as expand its platform, which provides insights into spend, utilization and user feedback for companies’ SaaS subscriptions.
Other details: “With SaaS spending surpassing $200B per year, we see an enormous opportunity for Zylo to become he definitive software platform that organizations rely on to better manage and optimize their mission critical SaaS investments,” explained CEO Christopher in a release.
Zylo launched earlier this year and already counts Appirio, Zendesk, Smartling and Power Reviews as its clients.
Added Interactive Intelligence’s Brown, “The cloud is by far the most impactful technology trend for the enterprise today. We saw this at Interactive Intelligence through our own transition to the cloud, and I’m thrilled to be partnering with Zylo as they pioneer this new category of software that enables organizations to better manage and optimize their cloud investments.”
(Image via Zylo)