Participated · Series C · Dec 2022

Zylo provides a SaaS management platform that taps AI to analyze spend and usage in real time and creates a system of record for enterprise subscription software. The product surfaces a company’s portfolio, licenses and pricing against industry benchmarks and operationalizes renewal management to drive cost-avoidance and savings. Zylo sells mainly to corporate IT and finance teams and reports having over 30 million SaaS licenses and $30 billion in SaaS spend under management. The company has about 125 full-time employees, the majority based in Indianapolis, and recently doubled new business year-over-year while beating its previous growth record by close to 30%. Management says the bulk of new capital will be used for product development, hiring, talent investment and customer acquisition. Zylo competes with other SaaS spend vendors but emphasizes ease of use and comprehensiveness as its differentiators. Zylo offers an enterprise management platform that helps businesses manage their SaaS application portfolios by creating transparency around SaaS spend, license utilization, and user feedback. The platform enables customers to discover, manage, measure, and optimize their SaaS investments. Zylo reports managing over $10 billion in SaaS spend and nearly 1 billion employee SaaS-based interactions for its customers. Notable customers include Nike, Adobe, Slack, Autodesk, Zendesk and Atlassian. Led by co-founder and CEO Eric Christopher, the company intends to use new funding to grow its workforce across engineering and data science and to expand development efforts. The company is based in Indianapolis and has raised more than $35 million to date. Zylo provides one system of record for all SaaS and cloud-based software used across an organization, giving visibility into what software is used, how much is spent and how to optimize investments. The platform helps enterprises discover SaaS applications, manage complex renewals, measure real-time utilization and optimize software licenses. Zylo integrates with a range of tools including Concur, Expensify, G Suite, Intacct, Microsoft Office 365, Netsuite, Okta, OneLogin, Salesforce, Slack and Veeva Systems. The platform is managing over 1 million unique SaaS user licenses and more than $1 billion of annual SaaS subscription spend on behalf of customers. Zylo serves dozens of large enterprises across pharmaceutical, financial services, cloud consulting and technology sectors. The company plans to use new funding to significantly grow its team—prioritizing customer success and engineering—and to expand its platform capabilities. Zylo launched in June 2016 out of High Alpha Studio and previously raised a $3.3 million seed round in October 2016. Zylo offers a SaaS optimization platform that acts as an online command center for managing cloud-based applications, surfacing what software is used, how much is spent, and where to optimize. The platform provides insights into spend, utilization and user feedback for companies’ SaaS subscriptions and has an announced integration with identity provider Okta. Customers named in the article include Appirio, Zendesk, Smartling and Power Reviews. Zylo launched in June 2016 out of High Alpha Studio and is headquartered in Indianapolis. The company recently secured $3.3 million in seed funding and will use the proceeds to grow sales, marketing and engineering teams and expand the platform. Zylo plans to hire engineers with expertise in data science and machine learning to support its product roadmap.

Participated · Equity · Jun 2022

Rheaply’s core product is the Asset Exchange Manager (AxM), a hybrid asset-management system and peer-to-peer online marketplace that lets organizations visualize inventory, track depreciation and seamlessly exchange surplus resources. By combining transparent asset tracking with a gamified exchange interface and built-in sustainability metrics, the platform maximizes reuse, remanufacturing and proper disposal of materials. Clients across enterprises, academia and government—including the U.S. Air Force, Google, AbbVie, Exelon, MIT and several universities—have executed more than 5,000 transactions on AxM. These exchanges have diverted over 15 metric tons of waste and delivered millions of dollars in cost savings. With its newest capital, the company will roll out a multi-phase carbon product roadmap created with Microsoft, adding carbon-reduction reporting so users can link asset reuse to emissions accounting and potential carbon credit opportunities. Rheaply previously secured an $8 million Series A round in February 2021 and a $2.5 million seed round, bringing total disclosed funding to at least $12.7 million. The company positions itself as the first B2B asset-exchange platform to integrate carbon metrics, aiming to become a cornerstone of the circular economy.

Participated · Series D · Jul 2021

FloQast provides a platform to operationalize accounting management, streamline the month-end close, manage finance and accounting operations, and support compliance programs. Led by CEO Mike Whitmire, the product is used by more than 2,600 accounting teams, including Twilio, the Los Angeles Lakers, Zoom, and Snowflake. The company emphasizes AI-enabled features to help manage aspects of the close, reduce compliance burden, and improve accuracy, visibility, and collaboration. FloQast plans to use its new funding to enhance research and development and build new solutions to improve controller workflows. It will also invest in short- and long-term AI innovations and drive continued growth and global expansion to deliver digital innovation to accounting and finance teams. The company is based in Los Angeles, CA and recently completed a major growth financing. FloQast is a Los Angeles-based provider of cloud-based, AI-enhanced workflow automation software for accountants. Led by CEO Mike Whitmire, the platform streamlines accountant workflows and recently added FloQast ReMind, a request management workflow add-on to FloQast Close. The company serves more than 1,400 customers globally. FloQast raised $110M in a Series D at a $1.2 billion valuation. Management intends to use the funds to expand development efforts, grow its roster of global partners and customers, and scale the team to support growth. Following the round, the company lists investors including Meritech Capital, Redpoint Ventures, Sapphire Ventures, Coupa Ventures, Insight Partners, Polaris Partners and Norwest Venture Partners. FloQast builds close-management software that helps accounting teams collaborate on month-end close, communicate, and perform reconciliations and tie-outs. The company launched an AI-powered product called AutoRec to speed reconciliations and add contract value. FloQast targets finance organizations that begin to feel pain when a corporate accounting team reaches roughly five people and increasingly focuses on upper-market customers. Its ACV grew 60% last year, and the company reports doubling ARR on average year-over-year. FloQast cites a net revenue retention of 115%, says it cut cash burn and became more efficient, and used a small interim round to fund the AutoRec launch. FloQast offers close management software created by accountants for accountants, providing a single place to manage the month‑end close and working with existing checklists and Excel. The product claims customers on average close three days faster and the company recently released a separately licensed Close Analytics module plus new user roles and permissions to support internal controls and compliance. FloQast is experiencing rapid growth, reporting revenue growth of 40% quarter‑over‑quarter for more than eight consecutive quarters and a positive net churn of over 20%. The company has doubled its sales organization since early 2017, opened a new office in Columbus, Ohio, and touts an average 30‑day sales cycle from demo to customer. FloQast plans to use new funding to accelerate product innovation, expand into overseas markets, and scale go‑to‑market capabilities. The award‑winning solution is used by hundreds of accounting departments, including Twilio, Nutanix, Zillow and The Golden State Warriors. FloQast provides cloud-based month-end closing software that helps accountants organize, collaborate and close the books faster. Its solution connects the applications accountants use daily and is designed to work dynamically with Microsoft Excel. The company targets finance and accounting teams with tools to streamline the month-end close process. FloQast plans to use new funding to accelerate product development and expand sales and marketing. The company was co-founded in 2013 by Mike Whitmire, Cullen Zandstra and Chris Sluty and is based in Sherman Oaks, CA. It recently completed a significant financing round to support growth and product investment.