The round was led by American investment firm, Tiger Global Management, and accompanied by others including Wing, Global Founders Capital, Uncork Capital, Entrée Capital, and Scopus Ventures.
Torii’s platform provides businesses with simplified tools to manage the hundreds of various SaaS and cloud applications they frequently seek out to use while automatically determining which ones are most applicable for return on investments. Currently, the company hosts 130 different tools to streamline and connect a client’s entire software ecosystem.
Since Torii’s $10 million Series A funding round last year, the company experienced a booming year, growing its annual recurring revenue by 300 percent.
According to Torii’s own customer data analysis, businesses and organizations were taking on an average of 19 new cloud applications each month; 75 percent of which were unsanctioned and noncompliant with companys’ security regulations.
“The old way of centralized decision-making doesn’t work in the cloud. It’s now easier than ever for any employee to trial, deploy, integrate, and expense any new cloud application,” said Uri Haramati, founder and CEO of Torii .“Tiger’s investment is an incredible validation of Torii’s unique worldview – one in which IT teams empower their employees to accelerate innovation, instead of constantly chasing Shadow IT.”
The new funds will be used to bring on and boost the company’s product engineering, marketing, and customer success teams with the expectation to grow its staff to 200 members before the end of the year.