Tray.io, the startup that wants to put automated workflows within reach of line of business users, announced a $37 million Series B investment today.
Spark Capital led the round with help from Meritech Capital, along with existing investors GGV Capital, True Ventures and Mosaic Ventures. Under the terms of the deal Spark’s Alex Clayton will be joining the Tray’s board of directors. The company has now raised over $59 million.
Rich Waldron, CEO at Tray, says the company looked around at the automation space and saw tools designed for engineers and IT pros and wanted to build something for less technical business users.
“We set about building a visual platform that would enable folks to essentially become programmers without needing to have an engineering background, and enabling them to be able to build out automation for their day-to-day role.”
He added, “As a result, we now have a service that can be used in departments across an organization, including IT, whereby they can build extremely powerful and flexible workflows that gather data from all these disparate sources, and carry out automation as per their desire.”
Alex Clayton from lead investor Spark Capital sees Tray filling in a big need in the automation space in a spot between high end tools like Mulesoft, which Salesforce bought last year for $6.5 billion, and simpler tools like Zapier. The problem, he says, is that there’s a huge shortage of time and resources to manage and really integrate all these different SaaS applications companies are using today to work together.
“So you really need something like Tray because the problem with the current Status Quo [particularly] in marketing sales operations, is that they don’t have the time or the resources to staff engineering for building integrations on disparate or bespoke applications or workflows,” he said.
Tray is a seven year old company, but started slowly taking the first 4 years to build out the product. They got $14 million Series A 12 months ago and have been taking off ever since. The company’s annual recurring revenue (ARR) is growing over 450 percent year over year with customers growing by 400 percent, according to data from the company. It already has over 200 customers including Lyft, Intercom, IBM and SAP.
The company’s R&D operation is in London, with headquarters in San Francisco. It currently has 85 employees, but expects to have 100 by the end of the quarter as it begins to put the investment to work.