Accel leads $8 mn funding round in business execution startup Ally

Accel leads $8 mn funding round in business execution startup Ally
Photo Credit: Photo Credit: 123RF.com
20 Aug, 2019

Seattle-based goal-setting and execution management software startup Ally has raised $8 million in a funding round led by early and growth stage venture capital firm Accel. 

The funding round also saw participation from Pacific Northwest's seed-stage venture fund Founders' Co-op, Paul G. Allen-led investment platform Vulcan Capital and Lee Fixel, a former partner at investment firm Tiger Global Management, an official statement said. 

Ally develops software based on the objectives and key results (OKR) framework. The OKR framework is a business operations model popularised by Google. 

The funding is expected to bolster sales, enhance professional services and spur global marketing efforts, the statement said.

Ally’s software solutions offer integration with platforms such as Salesforce, Slack and Smartsheet to drive OKR adoption. 

In January, the startup had raised $3 million in its seed funding round, the statement said. 

“We are off to a phenomenal start and are nearly doubling revenue every quarter. With the support of Accel and our existing investors, we will continue to innovate and enable every business to operate better and deliver stronger results,” said Vetri Vellore, Founder & CEO, Ally.

Founded by former Microsoft executive Vellore, Ally counts professional services network KPMG, fintech platform Remitly, cloud-based solutions platform Slack, home services platform UrbanClap and non-profit healthcare platform WellStar Health System among its clients.

Apart from providing software solutions, Ally also offers customer service, training and consulting services to its clients. 

California-based venture capital firm Accel has invested in a variety of startups including business solutions platform Freshworks, cloud data company Cloudera, mobile testing platform BrowserStack and cloud-based software solutions platform Slack.

TechCircle first reported that Wickedride Adventure Services, which operates dockless bike rental platform Bounce was in talks to raise $200 million from a clutch of investors, including existing investor Accel. 

Accel led the Series B round of Drip Capital in which the fintech solutions provider raised $25 million. Drip Capital helps businesses finance export transactions and provide services such as bill discounting and invoice factoring through its technology-driven platform.