Israeli automated SaaS management platform Torii today announced the completion of a $50 million Series B financing round led by Tiger Global Management. This brings to $65 million the total amount raised by the company. Previous investors including Wing Venture Capital, Global Founders Capital, Uncork Capital, Entree Capital, and Scopus Ventures also participated in the round.
Torii enables businesses to come together around their cloud apps and stay in sync as they evolve their tech stacks in a distributed, decentralized manner. Not only can customers easily discover all of their apps with Torii, they can quickly and automatically take the actions needed to enlarge their business.
With offices in New York and Ra'anana, the company was founded by CEO Uri Haramati, CPO Uri Nativ and CTO Tal Bereznitskey.
Haramati said, "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. 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."
Torii said that its revenue rose more than 300% in 2021 from 2020 and its customers include Instacart, Carrier Corporation, Bumble, Athletic Greens, and Palo Alto Networks. The company's workforce has grown 600% over the past year.
Tori will use the new funds to expand its marketing operations in the US and its development and engineering teams in Israel.
Published by Globes, Israel business news - en.globes.co.il - on February 2, 2022.
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