Torii, the #1 Automated SaaS Management Platform (SMP), 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 on their journey.”
Torii’s effective cloud application
Torii’s approach to cloud application has paved the way for its rapid market adoption. Unlike conventional SaaS tools, Torii empowers businesses to come together around their cloud apps and stay in 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 Chief Executive Officer of Torii.
“Tiger’s investment is a 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.
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 the best on the market when it comes to discovering all apps including Shadow IT, automating actions like offboarding SaaS sprawl, and optimizing licensing.”
Torii ground breaking in SaaS management
Torii pioneered a number of industry-firsts in SaaS management:
- Torii introduced the continuous Endpoint Application Discovery that enables Torii to find up to 2 times more applications than leading competitors
- Torii introduced the 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
Jake Flomenberg, Partner at Wing Venture Capital made these remarks on Torii’s product.
“SaaS adoption has exploded over the past 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. Torii wins 80% of competitive deals on the strength of their discovery and robust automation.”
“We pay attention when we see customers vote with their wallets in a market space. The Torii is on to something 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 United States 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 extensive app integration and creating an ecosystem around Torii’s platform
- Expanding Torii’s use cases across multiple teams within an organization