Ally, a goal-setting and execution management software provider, said it had raised $15 million in a Series-B funding round led by Tiger Global Management, LLC, a New York investment firm. Previous investors Accel, Vulcan Capital, and Founders Co-op, also participated in this round.
The funding would help the company scale global sales, marketing, and professional services while making significant investments to expand the product offering.
“We are thrilled to be in the company of other category-defining portfolio companies in Tiger Global’s portfolio and are thankful for the strong support of our existing investors,” said Vetri Vellore, founder and chief executive, Ally. “Tiger Global’s investment is a validation of Ally’s strong growth trajectory and vision to create the new business operating system that powers modern enterprises to deliver exceptional results through alignment, agility, transparency and data-driven execution.”
Ally says it helps startups and large enterprises accelerate business performance through alignment, agility, and transparency to match the fast-paced needs of their evolving markets. Its product is based on the objectives and key results (OKR) framework, an operating model for running agile businesses popularised by Google and other industry leaders.
"Enterprises of all sizes are shifting towards aligned, agile, data-driven business processes to improve results. Ally’s OKR solution improves productivity and we’re excited to partner with Vetri (Vellore) and the Ally team,” said Scott Shleifer, partner, Tiger Global, known for having invested in top companies like Facebook, Flipkart and Stripe.
The Series-B investment comes on the heels of the $8-million Series-A round that Ally closed in July this year, bringing the company’s total funding to $26 million. Ally said it had added over 100 new customers in the past three months and had doubled the number of its employees.
Since its launch in 2018, its solution had been adopted by hundreds of leading organisations in over 70 countries, Ally said. Its customers include fast-growing startups and large enterprises like Slack, Remitly, DoorDash, UrbanClap, Nike, and InVision.
Before Ally, Vellore, an alumnus of College of Engineering, Guindy in Chennai, co-founded Chronus, a tech startup that provided mentoring and coaching software platform for employee development at large enterprises. Before that, he had spent 14 years at Microsoft where he turned around a $200-million enterprise software business and led the Visual Studio platform team and partner ecosystem.