Zylo, an Indianapolis-based SaaS Management company, completed a $22.5m Series B funding round.
The round, which brought total funding raised to date to more than $35m, was led by Menlo Ventures, with participation from Bessemer Venture Partners, High Alpha, Revolution’s Rise of the Rest Seed Fund, Salesforce Ventures and the Slack Fund. In conjunction with the funding, Matt Murphy of Menlo Ventures will join Zylo’s Board of Directors.
The company intends to use the funds to grow its workforce across all areas of the business–including engineering and data science roles–and expand its development efforts.
Led by co-founder and CEO Eric Christopher, Zylo provides an enterprise management platform, which allows businesses to manage their SaaS application portfolios by creating transparency around SaaS spend, license utilization, and user feedback to discover, manage, measure, and optimize their SaaS investments. The company now manages over $10 billion in SaaS spend and nearly 1 billion employee SaaS-based interactions for customers that include Nike, Adobe, Slack, Autodesk, Zendesk and Atlassian.