Seattle-headquartered business execution startup Ally has announced $8 Mn in Series A funding round. The investment was led by Accel Partners, with participation from Founders Co-op, Vulcan Capital, and Lee Fixel.
With an office in India, the company said it will use the funds to fuel sales and marketing growth globally, expand the product offering and enhance professional services. Prior to this round, the company has raised $3 Mn in a seed funding round led by Founders’ Co-op, the Pacific Northwest’s most prolific seed fund, and included participation from Vulcan Capital, the investment arm of the late Microsoft co-founder and philanthropist Paul Alle.
Founded in 2018 by Vetri Vellore, Ally is a strategic goal-setting and execution management software that enables businesses to improve their organisational alignment, agility, focus, and transparency to match the fast-paced needs of their evolving markets.
Its Objectives and Key Results (OKR) solution enables businesses of all sizes to easily adopt OKRs and transform their business. The company claims to be used by hundreds of companies in over 70 countries. “We’re off to a phenomenal start and are nearly doubling revenue every quarter,” said Vetri Vellore, founder and CEO at Ally.
The solution drives OKR adoption by inserting goals into the daily workstream through seamless integrations with Slack, Jira, Salesforce, Asana, Smartsheet, and many more. Ally partners with its customers to provide OKR coaching and consulting to achieve operational excellence.
“Ally fits into our objective of supporting innovative products that address core business challenges in a growing, global market. We see more and more businesses focusing on increasing productivity by driving alignment, transparency, and visibility across the organization and Ally helps achieve that,” said Abhinav Chaturvedi, partner at Accel.
The enterprise collaboration market revenue is expected to reach $53.83 Bn by 2023, growing at a CAGR of 11.15% during the forecast period 2018-2023. Over the past few years, organizations have focused on their internal communications to increase productivity with faster interaction among employees and teams. An increase in the adoption of cloud, mobility, and others has led to the digital transformation of the workplace and modes of communication among employees.