Torii, a company that helps companies migrate to the cloud, has just raised $50 million in a series B round of funding. Its customers add 18-19 new cloud applications to their tech stacks every month.
torii raises $50 million in series b financing
Torii, an automated SaaS management platform, recently closed a $50 million Series B financing round led by Tiger Global Management. The funding will help the company expand its development and go-to-market teams in Israel and the U.S.
Torii is a pioneer in the high growth market of software-as-a-service (SaaS). It empowers enterprises to work together around cloud apps, allowing them to take action on information with automation.
Since the start of 2016, the company has seen exponential growth. They have increased their customer base by more than 300%, and they have also experienced a 300% increase in annual recurring revenue. This funding round has given the startup a shot to make a significant impact in the technology industry.
As a result, Torii has gained several large-name customers, including Delivery Hero, Instacart, Palo Alto Networks, and Athletic Greens. It has also grown to more than 70 employees. And, with the support of new capital, the company hopes to grow to 200 people by the end of 2022.
torii has a team of 70 people
The good folks at Torii have scooped up a few of the aforementioned worthy of mention. One of the more noteworthy accolades is their team of 70, which is a feat of chivalry in itself. As a result, the company has a well rounded portfolio of customers in the enterprise space, and a few new and established vendors to boot. Some of the more notable clients include Carrier Corporation, Athletic Greens and iOps Inc. Besides the usual suspects, Torii has also garnered the attention of a few VCs who appreciate a fast-paced growth story. For example, a recent round of investments has seen Torii acquire a few industry veterans who are looking to put the pedal to the metal.
torii’s customers add 18-19 new cloud applications to their tech stacks every month
The rise of software-as-a-service (SaaS) has changed how employees work. With cloud applications, employees can work anywhere. But managing these apps can be a pain. Thankfully, Torii helps businesses manage SaaS better starsfact.
When businesses use SaaS, they must know who’s using what and how much they’re spending. This is difficult, and many organizations aren’t able to track SaaS application usage or spend. In fact, Torii has found that more than 60% of IT leaders don’t have a clue what cloud applications are being used in their organization.
However, Torii is taking the problem head-on, providing automation and enhanced user engagement. Using their platform, customers can instantly take action on information, and eliminate hundreds of hours and millions of dollars of wasted money.
For example, Torii offers a one-click offboarding tool to forcefully remove an app from a user’s account. Moreover, it shows a complete history of all applications, users, and expenses, including credit card statements, invoices, and other transactions. Moreover, Torii allows customers to configure Zapier integrations, weave together multiple apps, and more whotimes.
Torii’s product is an automated SaaS management platform that centralizes all software on the enterprise. It protects sensitive data and automatically takes action on apps that are appropriate. The company has had exponential growth since launching in 2013. In the last year, Torii’s revenue increased by 300%, and its headcount soared by 600%. Now, Torii is planning to use its new funds to scale teams in the US and Israel. This funding round came around a year after Torii raised $10 million in a Series A financing round.
Since then, Torii has grown its team from 15 employees to 70. They have added vice presidents of sales and marketing. Some of the company’s biggest customers are Athletic Greens, Carrier Corporation, Bumble, and Instacart. Currently, Torii monitors $4 billion in total transactions and spend. And it plans to continue to innovate its platform.
In the recent funding round, Torii received $50 million in Series B funding led by Tiger Global Management and Wing Venture Capital. They also received participation from previous investors including Uncork Capital, Global Founders Capital, and Entree Capital. As a result of this, Torii plans to expand its engineering and data science teams in Israel and the US.