The chief executive officer of Indianapolis-based Zylo says the major funding secured by the tech company is about more than just money. The company closed on a $22.5 million Series B round of funding, led by California-based Menlo Ventures. Eric Christopher says the funding will allow the Software-as-a-Service management platform to grow beyond its current staff of about 80 employees for years to come.
In an interview with Inside INdiana Business, Christopher said the investors involved in the funding round bring more to the table.
"The investors that are behind this – Menlo Ventures led the round (and) Bessemer Venture Partners led our Series A a couple years ago – those investors having really unmatched experience in building cloud companies, so it gives us a lot of expertise around the table to kind of take on what’s ahead for us, which is really important," said Christopher.
Menlo Ventures Partner Matt Muprhy will join the Zylo Board of Directors as a result of the funding found. In addition to Menlo, the round included repeat investments from Bessemer Venture Partners, High Alpha in Indianapolis, the Rise of the Rest Seed Fund, Salesforce Ventures and the Slack Fund.
Christopher says Zylo’s platform allows companies to streamline their SaaS applications.
"Every company uses dozens, if not hundreds, of subscription tools to run their business, like Salesforce or Dropbox or Microsoft products. We have a platform that brings that all into one place so IT can manage it and put governance and manage costs and make employees be more productive with the software."
Christopher will this weekend appear on Inside INdiana Business with Gerry Dick to talk more about the funding round and the future of Zylo.
Christopher talks about the impact of the funding round.