Ally.io raises $50 million in Series C funding round

Bengaluru: Seattle-based software products firm Ally.io, whose products help enterprises implement an OKR (objectives and key results) goal management framework, has raised $50 million in Series C funding led by Greenoaks Capital.

The round also saw participation from existing investors Tiger Global, Madrona Venture Group, Accel, Addition Ventures, Founders’ Co-Op, and Vulcan Capital, and brings the total capital raised by the almost four-year-old startup to $76 million.

Ally.io was founded by Indian origin serial entrepreneur Vetri Vellore and has offices in Seattle and Chennai.


“A company’s goals are the starting point, but too often, they’re siloed at a leadership level, or used as a stand-alone component of a disjointed strategy. We’re bringing those goals into the executional rhythm across every aspect of the business,” said Vellore, who is also chief executive officer at Ally.io.

Ally.io claims it has over 800 customers today including the likes of Nike, Slack, Dropbox, Urban Company and TripAdvisor. It said it has seen a 5X increase in its revenue since it raised its $15 million Series B round in October 2019 which was led by Tiger Global.

The company will utilise the capital to strengthen its product portfolio, targeted at connecting its goal management software to finance and strategy at enterprises. It is also looking to set up more offices and go-to market teams in global locations where it is seeing demand from customers.

“The fundamental challenge for every enterprise is aligning and executing on key goals across the organization,” said Neil Mehta, Managing Partner of Greenoaks Capital.“We studied the space closely and we believe that Ally.io is building the best-in-class solution to solve this fundamental problem.”

Vellore said that Ally.io is also looking to expand its team from its current headcount of around 150 people across offices in Seattle and Chennai by almost three times in 2021. It is also looking to set up a development centre in Bengaluru as it looks for more product and engineering talent in India.