US-based software management platform developer Zylo has closed a $22.5m series B round featuring the corporate venturing arms of enterprise software provider Salesforce and communication platform developer Slack.
Salesforce Ventures and Slack Fund joined venture capital firm Menlo Ventures, which led the round, as well as Revolution’s Rise of the Rest Seed Fund, Bessemer Venture Partners (BVP) and High Alpha Capital.
Zylo has created a software platform that manages software-as-a-service (SaaS) products for businesses, tracking payments and subscriptions and compiling user feedback.
Menlo Ventures partner Matt Murphy is joining the company’s board of directors in connection with the round, which will support the expansion of its engineering and data science teams. It has now raised about $35m since being founded in 2016.
High Alpha, GGV Capital and SV Angel joined assorted investors to provide $3.3m in seed capital for Zylo in 2016, before BVP led a $9.3m series A round in January 2018 featuring Salesforce Ventures, Slack Fund, High Alpha, GGV, SV Angel and Hyde Park Venture Partners.
