Funding will further accelerate Ally’s investment in global sales and marketing, expand the product offering and enhance professional services
SEATTLE–(BUSINESS WIRE)–Oct. 24, 2019
Ally, a leading goal-setting and business performance management software provider, today announces a $15 million Series B funding round led by Tiger Global Management, LLC, a New York based investment firm known for investing in strategic, innovative companies such as Facebook, Flipkart, Slack, and Stripe. Previous investors Accel, Vulcan Capital, and Founders Co-op also participated in this round.
Ally helps startups and large enterprises to 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, the operating model for running agile businesses popularized by Google and other industry leaders.
Since its launch in 2018, Ally’s solution has been adopted by hundreds of leading organizations in over 70 countries. Ally’s customers include fast-growing startups and large enterprises such as Slack, Remitly, DoorDash, UrbanClap, Nike, and InVision.
The Series B investment comes on the heels of the $8 million Series A round that closed in July of this year, bringing the company’s total funding to $26 million. In the last three months, Ally has added over 100 new customers and has doubled the number of its employees.
“We are thrilled to partner with Tiger Global and are thankful for the strong support of our existing investors, Accel, Vulcan Capital, Founders Co-op, and Lee Fixel. 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,” said Vetri Vellore, Founder & CEO at Ally.
Ally will continue to rapidly scale global sales, marketing, and professional services while making significant investments to expand the product offering, cementing the company's position as a leader in the emerging business performance management software category.
“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 and the Ally team,” said Scott Shleifer, partner, Tiger Global.
Ally is a strategic goal-setting and business performance management solution that enables businesses to shift from traditional, disjointed planning and execution to a modern, OKR-based framework that drives strong alignment, agility, transparency and empowers the workforce. Ally's solution makes it incredibly easy to adopt OKRs as a seamless part of the users’ daily workflow. The platform has built-in OKR best practices and provides seamless integration to several enterprise systems including Slack, Salesforce, Jira, Smartsheet, Asana, and ZenDesk. Ally’s comprehensive professional services provide continuous support, dedicated training, and coaching to ensure best-practices for implementation and successful change management. Since its launch in 2018, Ally has been adopted by hundreds of leading organizations in over 70 countries.
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About Tiger Global Management:
Tiger Global Management, LLC is an investment firm that deploys capital globally. The firm's fundamentally oriented investments focus primarily on the global Internet, software, financial technology, consumer and industrial sectors. The private equity strategy has a ten-year investment horizon and targets growth-oriented private companies. Such investments have included Spotify, Harry's, Warby Parker, Peloton, JD.com, Facebook, LinkedIn, Yandex, Mail.ru Group, Despegar, Ola and Flipkart. The public equity efforts emphasize deep due diligence on individual companies and long-term secular themes. Tiger Global Management, LLC was founded in 2001 and is based in New York with affiliate offices in Hong Kong, Singapore, Bangalore, and Melbourne.
Accel is a leading venture capital firm that invests in people and their companies from the earliest days through all phases of private company growth. Acko, Atlassian, BlackBuck, BlueStone, BookMyShow, Braintree, BrowserStack, Cloudera, Collectabillia, CureFit, DJI, Dropbox, Etsy, Facebook, Flipkart, Freshworks, Housing-PropTiger, Lookout Security, Mitra Biotech, MuSigma, Myntra, Ola, Paxata, Portea, Qualtrics, Samunnati, Slack, Spotify, Supercell, Swiggy, UrbanClap and Vox Media are among the companies the firm has backed over the past 30 years. The firm seeks to understand entrepreneurs as individuals, appreciate their originality and play to their strengths, because greatness doesn’t have a stereotype. For more, visit accel.com or www.twitter.com/accel_india
About Vulcan Capital:
Vulcan Capital is the multi-billion dollar investment arm of Vulcan Inc., the company founded by Microsoft co-founder and philanthropist Paul G. Allen. Vulcan Capital is focused on generating long-term value appreciation across a portfolio which spans diverse industry sectors and investment asset classes, ranging from early-stage venture investments to public equity value investing, leveraged buyouts, acquisitions, and distressed situations. For more, visit capital.vulcan.com or www.twitter.com/VulcanInc
About Founders Co-op:
Founders' Co-op is a seed-stage venture fund built by founders, for founders. Based in Seattle, they help the strongest entrepreneurs in the Pacific Northwest build companies that the best growth investors in the world choose to back. As the largest and longest-running seed-stage specialist fund in the region, they are a trusted partner to early-stage founders and a trusted point of access to Pacific Northwest dealflow for out-of-region investors at the seed stage and beyond. For more, visit founderscoop.com or www.twitter.com/founderscoop
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