[Funding alert] Business execution startup Ally raises $15M in Series B funding led by Tiger Global
After raising its last round two months ago, business execution startup Ally recently raised $15 million in Series B funding, led by Tiger Global. The round also saw participation from Accel, Founders Co-op, and Vulcan Capital.
According to the startup, the funding will be used to accelerate investments in global sales and marketing, expand the product offering, and enhance professional services to cement the company's position as an emerging business performance management software company.
Ally founder and CEO Vetri Vellore (left) and Cooper Crosby, head of UX.
In August this year, the startup had 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 former head of Tiger Global Management, Lee Fixel.
Prior to that, in January this year, Ally had received $3 million in seed funding from Founders Co-op, Vulcan Capital, and Lee Fixel.
When asked about the back-to-back fundraises, Vetri Vellore, CEO and Founder of Ally, said,
“We weren't necessarily looking to raise Series B within 2 months. Through an introduction from an existing investor, I met with Scott Shleifer, Partner at Tiger Global. We had a great discussion. Our values, including being transparent and direct, aligned very well. And of course, Tiger's portfolio is super impressive. So, when the opportunity presented itself, we decided to do the Series B now instead of 12 to 18 months later as we had originally planned.”
Incorporated in 2017, Ally helps startups and large enterprises accelerate business their performance through its product based on the Objectives and Key Results (OKR) framework, the operating model for running agile businesses popularised by Google and other industry leaders.
The business execution product enables organisations to build a clear structure to their goals by helping managers develop OKRs for their team, integrate them with existing enterprise tools, and provide nudges and reminders for teams to achieve their OKRs and goals.
At present, the Seattle and Chennai-headquartered startup claims to have close to 400 customers globally, including Slack, Remitly, UrbanClap, and DoorDash.
With this funding, the startup is also looking to quadruple its team (both in Chennai and Seattle) by 2020. Currently, the startup has a team of about 30 people.
The platform, at present, makes a revenue of $11 to $14 per customer using its solution every month. It also has a flat enterprise fee for some of its customers, to serve fast-growing startups.
Looking into the future, Vetri stated that Ally aims to become the new ‘intelligent operating system’ for businesses, which would enable enterprises to connect ongoing projects to KPIs and analytics, thus providing a holistic picture of the organisational direction.
(Edited by Athirupa Geetha Manichandar)