[Funding alert] Business execution startup Ally raises $8M from Accel, others
Business execution startup Ally has announced it has raised $8 million as part of its Series A round led by Accel, with participation from US-based seed venture fund Founders Co-op, investment firm Vulcan Capital, and Lee Fixel, former head of Tiger Global Management.
The funds raised will be used to expand the product offering and professional services, and to drive sales.
The startup offers simple interface with embedded Objective and Key Results (OKRs) practices, helping businesses accelerate its performance in terms of alignment, agility, and transparency. Ally stated the services can be adopted by all companies, irrespective of their sizes.
Speaking on the funds raised, Vetri Vellore, Founder and CEO, Ally, said,
“We’re off to a phenomenal start and are nearly doubling revenue every quarter, and we will continue to innovate and enable every business to operate better.”
Founded in 2012, the Seattle and Chennai-based startup serves over 100 companies including Remitly, Slack, T-Mobile, UrbanClap, WellStar Health System, and Armory.
In addition to its core services, the startup also provides training and consulting services and customer service.
“Ally addresses core business challenges in a growing global market. We see more and more businesses focusing on increasing productivity across the organisation, and Ally helps achieve that,” said Abhinav Chaturvedi, Partner at Accel.
Accel has backed over 30 companies including BlackBuck, BookMyShow, Braintree, BrowserStack, CureFit, Dropbox, Etsy, Facebook, Flipkart, Freshworks, and fintech startup Rupeek, among others.
In January this year, Ally received $3 million in seed funding from the Founders Co-op, Vulcan Capital, and Lee Fixel.
Lee left Tiger Global in March 2019 after working for over a decade, as he expressed intentions to start his own investment firm. The tech investor was also instrumental in backing home-grown ecommerce major Flipkart.
(Edited by Megha Reddy)