Torii Raises $50M Series B Round Led by Tiger Global to Help Businesses Harness Cloud Apps and Supercharge Their Teams
The most widely used Automated SaaS Management Platform (SMP), today said that it has raised $50 million in Series B investment from Tiger Global Management, increasing its total capital to $65 million. This most recent round follows Torii’s rapid expansion. Thanks to clients including Instacart, Carrier Corporation, Bumble, Athletic Greens, and Palo Alto Networks, revenue has increased by more than 300% year over year. 600% more people were hired. The round also included previous investors Wing Venture Capital, Global Founders Capital, Uncork Capital, Entree Capital, and Scopus Ventures.
Torii’s unique approach to cloud application management is what sets it apart from conventional SaaS management tools. Torii empowers businesses to work together around their cloud applications and remain in sync as they evolve their tech stacks.
In fact, Torii’s discovered using its own client data that businesses were installing 19 new cloud apps on average per month. Of those, 75% were not authorized, were not investigated, or may not have complied with the organization’s security guidelines. In addition, 35% of app licenses are typically squandered or not utilized at all.
Torii’s funding will be used to scale go-to-market teams in the U.S. and development and engineering teams in Israel, all focused on Torii’s singular vision: to create the one software to manage all software. Key investment areas will include:
- Maximizing the value of Torii’s data
- Continuing to raise the industry bar for SaaS management automation
- Building on Torii’s extensive app integration and creating an ecosystem around Torii’s platform
- Expanding Torii’s use cases across multiple teams within an organization
“We don’t want to do that with three-quarters correct data,” he added. “If you’re going to make very big business choices and start automating and orchestrating things, we don’t want to do that.” “At this moment, the SaaS boom is truly descending into pandemonium. It’s hard to control since people are just doing whatever they want from their houses. This was the direction that Torii is moving in and what attracted me to make an investment. If the IT guy can push a few green buttons and move on to the more difficult areas of the job where you may have an even larger influence.
About Torii
Torii is the #1 Automated SaaS Management Platform (SMP) for today’s increasingly distributed, decentralized businesses. Torii’s customers include Carrier Corporation, Instacart, Bumble, Athletic Greens, Palo Alto Networks, and Payoneer. Learn more at www.toriihq.com and follow on Twitter @Torii_hq or LinkedIn.
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