NEW YORK--(BUSINESS WIRE)--Torii, the #1 Automated SaaS Management Platform (SMP), today announced it has raised $50 million in Series B financing led by Tiger Global Management, bringing its total funding to $65 million. This latest round comes on the heels of Torii’s hypergrowth. Revenue is up more than 300% year over year thanks to customers like Instacart, Carrier Corporation, Bumble, Athletic Greens, and Palo Alto Networks. Headcount soared 600%. Previous investors including Wing Venture Capital, Global Founders Capital, Uncork Capital, Entree Capital, and Scopus Ventures also participated in the round.
"Investing in Torii was an easy decision,” said John Curtius, Partner at Tiger Global. “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. We’re excited to help Torii on their journey.”
Torii’s fundamentally different approach to cloud application management has paved the way for its rapid market adoption. Unlike conventional SaaS management tools, Torii empowers entire businesses to come together around their cloud apps and stay in perfect sync as they evolve their tech stacks in a distributed, decentralized manner. Not only can customers easily discover all of their apps with Torii, they can quickly and automatically take the actions needed to propel business. This eliminates millions of dollars spent on wasted licenses and hundreds of hours dedicated to manual user operations – all while helping to protect sensitive data flowing through hundreds of known and unknown 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,” said Uri Haramati, Founder and CEO of Torii. “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.”
According to Torii’s customer data, organizations add an average of 18-19 new cloud applications to their tech stacks every month – 75% of which are non-sanctioned, have not been reviewed, and may not be compliant with security policies. More than 33% of app licenses are subsequently unused or wasted, according to The ITAM Review.
"Athletic Greens relies on cloud apps to run our fast-growing business. Getting a handle on all these apps and their costs is incredibly important, and just as difficult. Torii makes it simple,” said Jonathan Cupples, Director of Global Digital Operations, Athletic Greens. “Their solution is hands-down better than anything on the market when it comes to discovering all apps including Shadow IT, automating actions like offboarding SaaS sprawl, and optimizing licensing."
Torii pioneered a number of industry-firsts in SaaS management:
- Continuous Endpoint Application Discovery that enables Torii to find up to 2X more applications than leading competitors
- App Catalogue, which auto-curates an organization’s discovered cloud apps in one easy-to-access location for all employees
- Flexible Automation, which makes it easy to set up custom workflows that optimize spend, accelerate onboarding and offboarding, eliminate manual work, and de-risk operations across hundreds of apps and thousands of users
“SaaS adoption has exploded over the past few years. It has now reached a point where it isn’t just a software management problem - it’s now also a stakeholder management problem. On average, 50% of apps that a company uses are bought and managed outside of IT. Torii is designed to centralize visibility in the decentralized SaaS world,” said Jake Flomenberg, Partner at Wing Venture Capital. “Torii wins 80% of competitive deals on the strength of their discovery and robust automation. We pay attention when we see customers vote so resoundingly with their wallets in a hot market space. The Torii team is on to something really big, and we are happy to continue supporting them on this journey.”
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
Listen to this short video of Torii’s founders on the implications of the Series B funding round, and read this blog to learn more about why Torii is investing in the future of SaaS management.
Torii is the #1 Automated SaaS Management Platform (SMP) for today’s increasingly distributed, decentralized businesses. Unlike conventional tools, Torii empowers an organization’s entire business to come together around their cloud apps and stay in perfect sync as their tech stack evolves. This accelerates innovation while eliminating millions of dollars in wasted licenses, hundreds of hours spent on manual operations, and protecting sensitive data flowing through known and Shadow IT apps. Torii’s customers include Carrier Corporation, Instacart, Bumble, Athletic Greens, Palo Alto Networks, and Payoneer. Torii is backed by leading venture capital firms including Tiger Global Management, Wing Venture Capital, Global Founders Capital, Uncork Capital, Entree Capital, and Scopus Ventures. Learn more at www.toriihq.com and follow on Twitter @Torii_hq or LinkedIn.