Salto, a Tel Aviv-based business operations startup, has raised $42 million in a Series B financing round led by venture capital firm Accel.
Accel was joined by Salto’s existing investors Salesforce Ventures, Bessemer Venture Partners and Lightspeed Venture Partners, the Israeli company said in a statement.
Bessemer, Lightspeed and Salesforce Ventures had led the Series A round of $27 million in October last year.
With the latest funding, the company has raised $69 million since it was founded in 2019 by Benny Schnaider, Rami Tamir, and Gil Hoffer.
The three founders are serial entrepreneurs who have earlier been part of three exits worth $650 million. The three—Pentacom, Qumranet and Ravello Systems—were acquired by Cisco, Red Hat and Oracle, respectively.
Salto runs an open source and an enterprise software-as-a-service (SaaS) platform that allows companies to simplify and automate their compliance functions across wide-ranging business operations. It has 35 employees, 30 of whom are based in Israel.
Tamir, who is also Salto’s CEO, said the company managed to raise fresh capital within a short span of time as customer projects proved “even more fruitful than expected” and because of increased demand.
“Existing Salto customers are asking for more and more systems. This new funding from our partners means we can respond quickly—hiring talent, building our engineering team, and releasing seven new adaptors,” he said.
The startup currently supports three SaaS applications—Salesforce, NetSuite and HubSpot—and will use the funds to expand its support to a total of 10 applications by the end of 2021.
US-based Accel was founded in 1983 and has funded a whole bunch of marquee technology companies including Facebook, Slack, Dropbox, Flipkart, Vox Media, Jet.com, Lynda.com, Atlassian and Vectra Networks Inc.
“Salto is leading the way toward modernizing the infrastructure of cloud applications,” said Philippe Botteri, partner at Accel. “This is a much bigger problem than it was a few years ago, and it provides a very necessary layer of automation. It’s a missing link, a revolution bringing a DevOps approach to cloud application configurations.”