Zylo secures additional $5 million in funding

SaaS management company Zylo has secured an additional $5 million in Series C funding from MassMutual Ventures. Zylo announced the first tranche of its $31.5M Series C raise in November.

Founded in 2016, Zylo helps companies such as Adobe, Atlassian, Coupa, Doordash, Intuit, Slack, and Salesforce gain better visibility into SaaS costs. The company’s platform provides continuous monitoring of SaaS spend, licenses, and usage to create “the industry’s most accurate SaaS system of record.” In 2022, Zylo helped customers identify nearly $3.2 billion in wasted SaaS spend.

“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. Zylo has emerged not only as the category creator, but the clear category leader setting the standard for SaaS Management technology today.” – Chuck Svirk, partner at MassMutual Ventures.

“The growth-at-all-costs model of the past is over, as organizations take more fiscally responsible positions. 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. In fact, we identified up to 40% of unused SaaS licensing within our customer base in 2022 alone.” – Eric Christopher, CEO at Zylo.