Zluri, the US-based developer of a cloud management platform for software-as-a-service (SaaS) products, secured $10m yesterday in a series A round led by insurance firm Massachusetts Mutual Life’s unit MassMutual Ventures unit.
The round was filled out by venture capital firms Endiya Partners and Kalaari Capital, both of which also took backed the company’s $2m seed round in January 2021. It makes Zluri the latest in a series of SaaS management platform developers to raise money in recent months.
Founded in 2021, Zluri has developed a cloud-based platform that helps IT teams organise, manage and automate their applications from a single dashboard.
SaaS providers have been among the biggest winners in the post-pandemic world, benefitting from the ongoing digitalisation of enterprise functions. Fortune Business Insights predicts the size of the global SaaS market will grow to over $716bn by 2028.
Demand for cloud-based products has exploded during the covid-19 pandemic, not just for large business but also for small and medium-sized enterprises, and this has been followed by a wave of investment in cloud services.
Enterprise communication platform developer Twilio launched a $50m corporate venturing vehicle last month dubbed Twilio Ventures, which will focus on backing SaaS and customer relationship management-focused companies at early stage.
Productiv, which focuses on real-time engagement data aggregation for SaaS platforms, raised $45m in a March 2021 series C round featuring enterprise software producers Atlassian and Okta through corporate venture capital units Atlassian Ventures and Okta Ventures.
Vendr, developer of a platform which analyses SaaS in order to locate opportunities for cost savings, received $60m in series A funding the same month while Torii, creator of a product that manages SaaS licences, secured $10m in its own series A earlier in the year.
Zluri’s co-founder Ritish Reddy said, “We are thrilled to welcome MassMutual Ventures as our new partner through this series A funding. Over the last 12 months we have seen global adoption of SaaS management platforms increase at an accelerated pace.
“We have made significant investments into our one-click automation engine, which helps IT Teams streamline and automate workflows across the organisation thus helping them manage, optimise and secure their technology stacks effectively.
“We will continue our investments to extend our lead in this space and the current round of funding will help us further accelerate our global growth and product innovation.”
Zluri said it plans to use the proceeds to further develop its product and grow its teams in Asia and North America.