Ally.io Secures $50 Million in Series C Funding

Ally.io, a software company specializing in OKR (objectives and key results) goal-setting methodologies, has announced the successful completion of a $50 million funding round this morning. Green Oaks Capital and Madrona Capital spearheaded the Series C investment, alongside participation from Tiger Global, who previously led Ally.io’s Series B round.

Recent Funding History

Ally.io previously secured $8 million in Series A funding in August 2019, followed by a $15 million Series B round in October of the same year. This latest Series C round represents a significant increase, exceeding the combined total of its prior A and B funding and effectively doubling it.

Growth in the OKR Software Market

The substantial investment in Ally.io isn't entirely unexpected. Competitor Gtmhub secured $30 million in Series B funding earlier this year, and the broader OKR software sector experienced considerable growth throughout the previous year. Data compiled by TechCrunch revealed that numerous companies within the OKR and corporate goal-setting market achieved triple-digit growth in 2020.

According to a blog post reviewed by TechCrunch, Madrona investor S. Somasegar highlighted that approximately $300 million has been channeled into OKR startups over the past two years. This rapid expansion across a highly competitive landscape suggests a substantial market opportunity.

Investor Expectations for 2021

Ally.io’s recent funding round clearly indicates investor confidence in continued growth throughout 2021.

Ally.io’s Impressive Growth Metrics

Ally.io has demonstrated significant progress since its Series B funding. CEO Vetri Vellore shared with TechCrunch that the company’s revenue has increased by a factor of 5x, and its customer base has expanded by over 600 since the Series B round, which concluded approximately 15 months ago. This represents a period of rapid expansion.

Such growth is highly attractive to venture capital firms. Despite already holding a significant portion of its Series B funds, Vellore indicated that Ally.io opted to raise additional capital to further accelerate its development – a decision facilitated by strong investor interest.

A Competitive Fundraising Process

Securing the funding did not present a challenge for Ally.io. Vellore described the round as “extremely competitive,” noting that the fundraising process began in early January. The round was finalized remarkably quickly, concluding within two weeks of initiation. The CEO also stated that the investment was significantly oversubscribed due to considerable demand from both existing and new investors.

The Expanding Market for Goal-Setting Software

The market for OKR software, and corporate goal-setting solutions generally, is proving to be both substantial and profitable. Attention now turns to identifying which competitor will be the next to secure a significant funding round.