Torii, a SaaS platform that helps businesses manage and optimize their SaaS subscriptions, has announced that it has raised $10 million in a Series A funding round led by CapitalMillerTechCrunch. This funding round will enable Torii to continue its growth and further develop its platform, which has already proven to be a valuable tool for companies seeking to gain better control over their SaaS spend.
What is Torii?
Torii is a SaaS platform that provides a centralized dashboard for managing and optimizing SaaS subscriptions. The platform allows users to track their company’s SaaS usage and expenses, identify areas where cost savings can be made, and automate the process of renewing and canceling subscriptions. With Torii, businesses can gain better visibility into their SaaS spend and make data-driven decisions about which subscriptions to keep and which to cancel.
Series A Funding Round Led by CapitalMillerTechCrunch
Torii’s Series A funding round was led by CapitalMillerTechCrunch, a venture capital firm with a focus on early-stage startups. Other investors in the round included Global Founders Capital, Scopus Ventures, and Uncork Capital. The $10 million raised in this round brings Torii’s total funding to $15.6 million, following a seed round in 2019.
The funding will be used to support Torii’s continued growth and product development. Specifically, the company plans to invest in expanding its engineering team and building out new features to enhance the platform’s functionality. This will enable Torii to offer even greater value to its customers and help businesses of all sizes gain better control over their SaaS subscriptions.
The Importance of SaaS Management
SaaS has become an increasingly important part of the modern business landscape. According to a report by Blissfully, the average small business uses 40 SaaS applications, while the average mid-sized business uses 140. This can lead to significant costs if not managed properly. In fact, the same report found that businesses waste an average of 30% of their SaaS spend on unused or underutilized subscriptions.
Effective SaaS management is therefore crucial for businesses looking to maximize their return on investment. By using a platform like Torii, companies can gain better visibility into their SaaS usage and expenses, identify areas where cost savings can be made, and optimize their subscriptions accordingly.
The Future of Torii
With the support of its investors, Torii is well positioned to continue its growth and development in the coming years. The company’s platform has already proven to be a valuable tool for businesses of all sizes, and as SaaS continues to become more prevalent, the need for effective management solutions will only increase.
Torii’s Series A funding round is a testament to the value of its platform and the potential for growth in the SaaS management space. As the company continues to innovate and develop new features, it will be exciting to see how it can help businesses optimize their SaaS subscriptions and improve their bottom line.