Torii, a New York startup looking to automate SaaS management, announced Wednesday it closed on a $50 million Series B, bringing its total funding raised to $65 million. The round was led by the legendary Tiger Global, with participation from previous investors including Wing Venture Capital, Global Founders Club and Uncork Capital.
This fresh funding comes about a year after Torii raised its $10 million Series A, which was led by Wing Venture Capital. Since then, the startup has gone through quite the growth spurt, with revenue soaring 300 percent and headcount jumping 600 percent, according to a press release. It also added big names like Instacart and Bumble to its growing roster of customers.
Meanwhile, there has been an explosion of software over the last several years. These days, it’s not uncommon for companies to use hundreds of SaaS applications — this reporter probably used three or four just to pitch, write and publish this 400-word story. On average, Torii says organizations add nearly 20 new cloud applications to their tech stacks every month, about a third of which go unused or wasted, according to The ITAM Review.
Torii is working to solve this by bringing all of this software to one centralized place, making it easier for users to not only see all the apps they have, but also automatically take action on those most appropriate for return on investment. This could potentially save a company millions of dollars in wasted licenses and hundreds of hours of manpower, says Torii, while at the same time protecting the sensitive data flowing through all of these third-party apps.
“The old way of centralized decision-making doesn’t work in the cloud. It’s now easier than ever for any employee to trial, deploy, integrate, and expense any new cloud application,” co-founder and CEO Uri Haramati said in a statement. “Tiger’s investment is an incredible validation of Torii’s unique worldview — one in which IT teams empower their employees to accelerate innovation, instead of constantly chasing Shadow IT.”
Tiger Global partner John Curtius called the firm’s investment in Torii “an easy decision.”
“We’re excited to help Torii on their journey,” he said in a statement. “Not only are they pioneers in a high-growth market, their visionary approach and high customer satisfaction demonstrate they have what it takes to become the de facto SaaS management platform for enterprises and SMBs alike.”
Now, Torii will use this fresh capital to scale its go-to-market teams here in the U.S., as well as grow its development and engineering teams at its office in Israel. It also plans to further innovate its platform and services.
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