California based cloud-based software integration platform for automation Tray.io has bagged fresh funding in Series C financing worth $50 million. The latest funding has been led by Meritech Capital with participation from existing backers, Spark Capital, GGV Capital, and True Ventures.
Before this round, the firm picked $37 million in Series B round earlier in the year when Spark Capital led the round. The current infusion takes the total amount secured by the firm to $109.1 million. The current round now values the firm to $600+ million. Passion Capital, Ballpark Ventures, Firestartr, Andy McLoughlin, Tom Hulme, Ustwo founders Mills and Sinx, FIG and Richard Fearn are few of the early investors who infused capital in the firm as angels.
The company was founded by Alistair Russell, Dominic Lewis, Rich Waldron with the aim of making every organization should automate everything possible. The platform offers a visual workflow builder which automates thing for the businesses without having to write code.
Richard Waldron, the CEO of the firm talking about how they plan to use the funding said that they are looking to utilize the sum in hiring. “We’ve seen general automation act as the new growth engine for rapidly growing companies as they solve integration challenges and scale operations with low-code general automation. That’s why we’re doubling down on hiring the best team in the world, including veteran executives from ServiceNow and Duo to serve our incredible customers so we can continue to earn the world-class customer ratings they’ve awarded us.”
Alex Kurland of Meritech Capital talking about the funding in Tray.io says, “General automation is showing nonstop momentum in a software-heavy marketplace that’s hungry for integration support and efficiency lift. There’s no limit to the upside for general automation in today’s marketplace, and Tray.io is the undisputed leader in the category.”