Tray.io's Series B round, led by Spark Capital, brings total funding to $59 million for rapidly-growing leader in the automation and integration space
SAN FRANCISCO, April 29, 2019 /PRNewswire/ -- Tray.io, the General Automation Platform that puts complex software integrations and enterprise-class automation into the hands of citizen automators, has closed a $37M Series B funding round led by Spark Capital with participation from Meritech Capital, and existing investors GGV Capital, True Ventures, and Mosaic Ventures. Spark Capital's Alex Clayton will join the company's board of directors.
"This latest round of fundraising is a powerful validation of our mission to empower enterprises to build their own automated central nervous system," said Rich Waldron, CEO and co-founder of Tray.io. "More than ever, teams are looking to use automation to create entirely new ways to work with an emphasis on strategy, growth, and efficiency. We remain eternally grateful to our amazing customers for their support and the world-class customer ratings they've awarded us, and are beyond excited for the future."
"There are powerful drivers of automation in the marketplace, including the explosive growth of software stacks - with enterprises using 100+ applications per department. There's also the growing need for digital transformation for seamless customer experience and operational flexibility. And there continues to be relentless demand for automation-related roles, particularly in marketing and operations, to put business users in total control of increasingly complex processes," said Alex Clayton of Spark Capital. "Tray.io is the absolute best-in-breed for empowering line-of-business users in any role to become citizen automators that integrate and automate thousands of software-as-a-service (SaaS) applications - and unlike legacy solutions - does not require developers to use."
Within the past 12 months, Tray.io has seen:
- Hyper revenue growth: Growing annual recurring revenue (ARR) by over 450%+ year on year.
- Adoption by the world's fastest-growing companies and largest enterprises: Grew customers by 400%+ with adoption by "unicorns" Lyft, Segment, Intercom, joining enterprise customers such as IBM, FICO, SAP, and Arrow Electronics.
- Rapid talent expansion: Expanded talent in North America and Europe by 500%+ in every area, across sales, marketing, customer services, and development.
- Numerous innovation milestones: Collaborative development; real-time analytics; and lifecycle management capabilities enabled organizations to accelerate their automation roadmaps.
- New product launches: Introduction of Tray Embedded, enabling any software company to add automation and integration to their commercial applications at lightning speed.
The funding will support strategic hiring for a broad range of roles and continued product development that will expand Tray.io's products' enterprise-class capabilities. Tray.io's automation platform empowers line-of-business professionals across marketing, sales, customer success, product, and operations to capture powerful efficiency and revenue gains with sophisticated automated workflows that give users full control of their data. Developers and IT professionals also use the company's products as a centralized platform to rapidly build and maintain enterprise-wide integrations without having to devote extensive engineering resources to these projects. The Tray Platform's easy-to-use, clicks-or-code interface and modern serverless architecture empowers users to scale without limits, running billions of automated tasks every month that rapidly process, manage, and transfer mission-critical enterprise datasets across multiple 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 Forbes, Segment, and AdRoll rely on Tray.io to connect, process, and automate data between the tools they use every day.
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.
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