We’re incredibly excited to announce today that GGV Capital has led a $14M Series A financing in Tray.io. We’re happy to be joined by existing investors and good friends – True Ventures and Mosaic Ventures. We’re sector focused at GGV Capital and we’ve spent significant time researching and investing in the cloud integration and multi-cloud spaces. We’d been hearing rave reviews of Tray from several GGV portfolio companies, and when we met the team and used the product, it was easy to understand why. In particular, we’re extremely impressed by the Tray team, the large market opportunity and Tray’s amazing product.
Team. Tray’s founding team, Rich Waldron (CEO), Ali Russell (CTO) and Dom Lewis (CRO), are exactly the type of founders we love to back at GGV – they’re true visionaries in the field of cloud integration, they’re deeply motivated to build Tray into a huge, global success, and they learn and iterate rapidly. They’re assembling a very strong team to continue to build out the product platform, expand go to market distribution and erect top quality customer support. GGV’s Talent team is looking forward to helping Rich, Ali and Dom continue to build and train a world class team.
Market. The integration market has produced many large companies historically such as Tibco and Webmethods. More recently, Mulesoft’s $6.5Bn acquisition by Salesforce reminded us how important integration is becoming in a cloud-based world. Tray is poised to grow larger than any of these prior players because as cloud services proliferate, the demand for bespoke integrations among them is growing exponentially. Tray is laser focused on this opportunity, and is already establishing itself as the clear leader in cloud-based, API driven integration.
Product. The true test of the strength of product and technology vision is best assessed by the relative satisfaction of a company’s users. As part of our due diligence, we spoke to many Tray customers, and they are not only delighted with the automation and scale of the new workflows and integrations they’ve built using Tray, but they’re also all excited by the empowerment of business users, or “citizen automators,” that Tray enables. These business users are adopting Tray’s platform rapidly, building custom workflows to drive business results and improve efficiencies throughout their businesses such as in sales, marketing, finance and analytics.
Tray has all the ingredients to build an important company – a terrific team, an exploding market and a product that delights users, helping drive meaningful customer traction. We’re excited to see what the future holds for Tray!