SaaS Start-up Zylo Lands $31.5M Series C Funding, Led by Baird Capital

Software-as-a-service (SaaS) start-up company Zylo Inc. has secured another $31.5 million in funding.

The Series C round was led by Baird Capital’s Venture Team and included participation from new investor Spring Lake Equity Partners, as well as existing backers Bessemer Venture Partners, Menlo Ventures, High Alpha and Coupa Software Inc., which is also a strategic partner.

To date, the company has raised more than $66.5 million: It secured $3.3 million in seed funding in October 2016, $9.3 million in Series A funding in January 2018, and $22.5 million in Series B funding in September 2019.

Indianapolis-based Zylo helps customers manage their other SaaS subscriptions. The company’s customer roster includes Adobe, Doordash, Intuit, Slack, Salesforce and Yahoo, among others.

According to Zylo’s own data, the average enterprise firm uses more than 300 different SaaS applications and overspends on licenses and subscriptions by around 15% annually.

“Baird Capital clearly recognizes the value that Zylo provides to their customers through SaaS management and believes it is of even increased importance in the current economic climate,” Baird Capital Partner Benedict Rocchio said.

Rocchio has also joined Zylo’s board.