Tray.io Raises $50 Million Series C to Change the Future of Work with General Automation
Meritech Capital-led round brings the general automation leader's total funding to $109 million
SAN FRANCISCO, November 26, 2019-- Tray.io, whose General Automation Platform enables citizen automators in any business role to build enterprise-class integrations and automation themselves in a low-code environment, has closed an October $50M Series C funding round just five months after its previous raise at the end of April 2019. The round is led by Meritech Capital alongside existing investors Spark Capital, GGV Capital, and True Ventures, who participated over their pro rata amounts.
"This is a clear confirmation that the automated organization is the future of work for the enterprise. Over time, we're seeing successful firms drive impressive growth by shifting from a scattershot, ad hoc technology mindset to building an automated central nervous system," said Rich Waldron, Tray.io's CEO and co-founder. "We've seen general automation act as the new growth engine for rapidly-growing companies as they solve integration challenges and scale operations with low-code general automation. That's why we're doubling down on hiring the best team in the world, including veteran executives from ServiceNow and Duo to serve our incredible customers so we can continue to earn the world-class customer ratings they've awarded us."
"General automation is showing nonstop momentum in a marketplace that's hungry for integration support and efficiency lift," explained Alex Kurland of Meritech Capital. "The need to provide cohesive customer experience across the entire buying journey demands ongoing digital transformation. To scale with the exponential increase in software and customer data, companies need to take full ownership of their data with general automation. Not just in IT, but for line-of-business roles across the entire organization. There's no limit to the upside for general automation in today's marketplace, and Tray.io is the undisputed leader in the category."
Within the past 12 months, Tray.io has seen:
•Record-breaking revenue growth: Growing bookings by more than 500%, beating quarterly sales targets 2 years straight
•Increasing adoption from enterprises and rapidly-growing firms: Continuously grew overall customer with adoption by industry leaders such as VMWare, Pearson, and Udemy joining SAP, Arrow Electronics, Lexmark, and New Relic
•Rapid talent expansion: Expanded talent in North America and Europe by 3x overall in every area, year-over-year, across sales, marketing, customer services, and development.
•Accelerating innovation: Over 300 new connectors, connector updates, and product enhancements, including to SAP S/4HANA and Qualtrics, Ellucian, Magento, Microsoft PowerBI and Azure, Okta, and OneLogin, as well as powerful new automation features around error handling, version management, team collaboration, low-code automation building; and the introduction of Tray Embedded that enables ISVs to add general automation to their own platforms
•Fast-growing partnerships across lead management, customer engagement, customer data platforms, collaboration, including DropBox, Drift, Segment, Zendesk, Salesloft, Copper, Qualtrics, Intercom, and Marketo
Tray.io will deploy the new funding to support strategic hiring across its entire team, as well as continuing investment into product development. Tray.io offers a General Automation Platform that empowers business users in any role to easily integrate any software to seamlessly flow data while building powerful automated workflows in a low-code environment to orchestrate complex business processes, as well as an Embedded edition that enables product leaders to seamlessly embed software integrations within their own products without development resources or any need for future maintenance. Line-of-business users trust the Tray Platform to do more faster and scale revenue and efficiency without any need for dev resources. Engineering and IT teams use the company's products to centralize and rapidly build out and maintain enterprise-wide integrations with minimal resources. Tray.io's products offer an easy-to-use, clicks-or-code interface, and are built on modern serverless architecture that reliably runs billions of automated tasks monthly to process, manage, and transfer mission-critical enterprise datasets across a variety of micro-services.
To learn more about Tray.io, please visit the website.
At Tray.io, we believe that any organization can and should automate. With the Tray Platform, citizen automators throughout organizations can easily automate complex processes through a powerful, flexible platform, and can connect their entire cloud stack thanks to APIs. Today, businesses such as Intercom, Segment, and Outreach rely on Tray.io to connect, process, and automate data between the tools they use every day.
About Meritech Capital Partners
Meritech Capital Partners is a leading provider of late-stage venture capital to category-defining private technology companies, and has been one of the top performing venture firms of the past nearly two decades. With over $3 billion under management, Meritech leads investments into companies with proven and differentiated technology, rapidly-growing revenue and experienced management teams. With one of the most active late-stage venture portfolios, Meritech has experience in and provides guidance on those issues facing rapidly growing private technology companies. Meritech investments in industry-leading companies include Alteryx, Box, Cloudera, Cornerstone-OnDemand, Coupa, Datadog, Facebook, Fortinet, Glaukos, Looker, Mulesoft, NetSuite, Proofpoint, Roblox, Salesforce, and Tableau. Meritech is located in Palo Alto, CA and can be found at www.meritechcapital.com.
About GGV Capital
GGV Capital is a global venture capital firm that invests in local founders. As a multi-stage, sector-focused firm, GGV focuses on seed-to-growth stage investments across Consumer/New Retail, Social/Digital & Internet, Cloud/Enterprise and Smart Tech sectors. The firm was founded in 2000 and manages $6.2 billion in capital across 13 funds. Past and present portfolio companies include Affirm, Airbnb, Alibaba, Bitsight, ByteDance, Ctrip, Didi Chuxing, Grab, Gladly, Hello Chuxing, Grow Mobility, HashiCorp, Houzz, Keep, LAIX, Loggi, Namely, Niu, Nozomi Netorks, Opendoor, Peloton, Poshmark, Slack, Square, Wish, Udaan, Xiaohongshu, YY, Zhaoyou and more. The firm has offices in Silicon Valley, San Francisco, Singapore, Shanghai and Beijing. Learn more at ggvc.com or @GGVCapital.
About Spark Capital
Spark Capital is an early and growth stage venture capital firm that takes risks on exceptional founders and the products they design. Spark invests in companies at all stages of their life cycle. The firm's most recent funds include a $400 million early-stage venture fund and a $600 million venture growth fund. In total Spark has $3 billion under management with offices in San Francisco, Boston, and New York. For more information, please visit www.sparkcapital.com.
About True Ventures
Founded in 2005, True Ventures is a Silicon Valley-based venture capital firm that invests in early stage technology startups. With more than $2 billion under management, True provides seed and Series A funding to the most talented entrepreneurs in today's fastest growing markets. The firm maintains a strong community that supports founders and their teams, helping True companies achieve higher levels of success and impact. To date, True has helped more than 250 companies launch and scale their businesses, creating over 10,000 jobs worldwide. The firm was awarded 2018 Venture Firm of the Year by the National Venture Capital Association. To learn more, visit www.trueventures.com.
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