tray.io Revenue, Valuation, Funding & Investors
tray.io is valued at $600M as of November 2019, a 8.6x multiple on its last reported $70M revenue.
Last tray.io valuation
$600M
Series C · Nov 2019
Last tray.io funding round
$40M
Series C · Sep 2022
tray.io revenue
$70M
Series C · Nov 2019
Key investors in tray.io
True Ventures
Notable Capital
Spark Capital
Meritech Capital Partners
Mosaic Ventures
AngelPad
About tray.io
Tray.io is a San Francisco-headquartered iPaaS provider offering a low-code integration platform for enterprise automation. The Tray Platform connects over 600 pre-built connectors including Salesforce, Workday, and NetSuite, enabling drag-and-drop workflows for marketing, sales, and IT operations. It processes billions of tasks monthly for clients like IBM and L'Oréal, with embedded AI for dynamic routing and error handling. Founded in 2012, Tray.io launched its Embed feature in 2023 for custom app integrations.
Founded
2012
HQ
San Francisco, CAWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Revenue
$70M (Nov 2019)
Valuation
$600M (Nov 2019)
tray.io Valuation
tray.io is currently valued at $600M, based on its Series C in November 2019.
The $50M round was led by Meritech Capital Partners, with participation from Spark Capital, True Ventures and Notable Capital.
tray.io valuation by funding round
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Nov 2019 | Series C | $600M | 8.6x |
tray.io Revenue
tray.io's latest recorded revenue is $70M, as of its Series C in November 2019. At a $600M valuation, that implies a 8.6x revenue multiple.
tray.io revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Nov 2019 | $70M | $600M | 8.6x | Series C |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
tray.io Funding History
tray.io has raised a total of $149M across 6 funding rounds.
tray.io's first fundraising round was a $2M seed round in April 2015. The most recent completed round was a $40M Series C in September 2022.
tray.io funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2022 | Series C | StepStone Group; Spark Capital; CPP Investments; True Ventures; Meritech Capital Partners; Notable Capital | $40M | - | Tray.io is a low-code automation and integration platform that enables enterprises to automate complex, multi-app workflows without extensive coding, targeting IT departments, business technologists, and non-developers across marketing, sales, finance, and operations. Its Universal Automation Cloud connects applications via APIs and offers a visual workflow builder for citizen automators, with pricing based on user seats and usage volume in tiered subscription plans. Customers include Segment, Udemy, FICO, and New Relic. On September 27, 2022, Tray.io announced a $40 million extension to its Series C funding round, led by new investor Canada Pension Plan Investment Board (CPP Investments), with participation from Meritech Capital Partners, Spark Capital, StepStone Group, True Ventures, and GGV Capital. This brought total funding raised to approximately $149 million across 10 rounds. The capital aims to accelerate product development and go-to-market initiatives amid the growing hyperautomation market, projected by Gartner to reach $860 billion by 2025. Sacra estimates Tray.io reached $50 million in ARR by 2022, up from $20 million in 2021 and $500k in 2018, reflecting strong growth through product-market fit in enterprise automation. By 2023, ARR grew to $70 million, a 40% year-over-year increase. Tray.io has pivoted toward enterprise customers, facing challenges in adapting from smaller, agile sales to longer enterprise cycles while aiming to scale beyond $50 million ARR. |
| Nov 2019 | Series C | Meritech Capital Partners (lead); Spark Capital; True Ventures; Notable Capital | $50M | $600M | Tray.io is a workflow automation platform that enables users to integrate APIs between apps via a graphical, low-code interface, targeting citizen automators in enterprise settings for complex multi-app workflows. The company raised $50 million in a Series C round on November 26, 2019, led by Meritech Capital Partners, with participation from Spark Capital, GGV Capital, and True Ventures, bringing total funding to nearly $110 million just five months after a $37 million Series B. A source close to the company confirmed a post-money valuation over $600 million. This rapid follow-on funding came amid explosive growth in the prior 18 months, fueled by API awareness from companies like Twilio and Stripe, and partnerships such as with IBM, which standardized integrations now used widely. Tray.io reported record-breaking revenue growth with bookings up over 500% in the past year, beating sales targets for two straight quarters, and saw 3x headcount expansion across sales, marketing, customer service, and development in North America and Europe. Adoption surged among enterprises like VMware, Pearson, Udemy, SAP, Arrow Electronics, Lexmark, and New Relic, with over 300 new connectors and features added, including for SAP S/4HANA, Microsoft PowerBI, and Okta. CEO Rich Waldron noted acquisition interest from major players and immediate post-prior-round funding offers, opting to capitalize on momentum after five years of steady building. Investors view Tray.io as a leader in general automation, addressing digital transformation needs across organizations. The company maintains R&D in the UK while headquartered in San Francisco, positioning it strongly in a market hungry for integration efficiency. |
| Apr 2019 | Series B | Spark Capital (lead); Mosaic Ventures; True Ventures; Meritech Capital Partners; Notable Capital | $37M | - | Tray.io is a San Francisco-based general automation platform that enables line-of-business professionals and developers to create sophisticated software integrations and automate complex enterprise workflows without requiring extensive coding expertise. The platform features a visual workflow creation wizard and clicks-or-code interface built on modern serverless architecture, allowing users to connect cloud services like Salesforce, synchronize data between applications, and execute billions of automated tasks monthly across multiple microservices. On April 29, 2019, Tray.io closed a $37 million Series B funding round led by Spark Capital, with participation from Meritech Capital Partners and existing investors GGV Capital, True Ventures, and Mosaic Ventures; Spark Capital's Alex Clayton joined the company's board of directors as part of the investment, bringing total cumulative funding to over $59 million. The company demonstrated significant traction in the 12 months preceding the round, growing annual recurring revenue by over 450 percent year-over-year and expanding its customer base by 400 percent to more than 200 companies including enterprise customers such as Lyft, Segment, Intercom, IBM, FICO, SAP, Arrow Electronics, and others. The company had approximately 85 employees at the time of the funding announcement and planned to use the capital to expand headcount toward 100 employees and accelerate product development, including scaling its Tray Embedded offering that helps developers integrate automation capabilities into their applications. |
| Jun 2018 | Series A | Notable Capital (lead); Mosaic Ventures; True Ventures; AngelPad | $14M | - | Tray.io raised $14.3 million in a Series A funding round on June 18, 2018, led by GGV Capital, with participation from True Ventures, Mosaic Ventures, and AngelPad. The round brought the company's total financing to $21 million following a prior $5 million Series A. Funds supported strategic hiring and development of its serverless, API-driven General Automation Platform for complex integrations and enterprise-scale automation without coding. Tray.io's low-code platform targets IT departments and business technologists in enterprises for multi-app workflow automation, expanding from marketing and sales to finance and operations. In 2018, the company achieved $500K in ARR. The platform served customers like Segment and Udemy, positioning Tray.io against competitors such as Mulesoft, Informatica, Boomi, Tibco, Workato, and Zapier. |
| Nov 2016 | Series A | Mosaic Ventures (lead); Acequia Capital (AceCap); True Ventures | $5M | - | Tray.io raised $5 million in a Series A funding round on November 17, 2016, led by Mosaic Ventures with participation from True Ventures. Existing investors included Redpoint, Passion Capital, Angelpad, and Huddle co-founder Andy Mcloughlin. The company had previously raised just short of $3 million. Tray.io is a SaaS integration platform that provides a cloud-based, drag-and-drop interface for creating custom workflows and automations between SaaS tools and APIs without coding. Early customers included Digital Ocean, Expensify, Vox, Buzzfeed, Zycus, Meteor, Keen.IO, and Northwell Health. The platform claimed to process over 1 billion tasks per month. The funding was intended to develop the technology, grow the team, and open a headquarters in San Francisco. Tray.io, founded in London and based in Shoreditch and San Francisco, enables businesses to unlock workflows across siloed SaaS products for better agility and efficiency. |
| Apr 2015 | Seed | True Ventures (lead); Redpoint; Playfair Capital; AngelPad | $2M | - | - |
Who has invested in tray.io?
11 investors have backed tray.io across its funding rounds, including True Ventures, Notable Capital, Spark Capital, Meritech Capital Partners, Mosaic Ventures and AngelPad.
Lead investors include Meritech Capital Partners, Spark Capital, Notable Capital, Mosaic Ventures and True Ventures.
tray.io Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 6 | Lead | Apr 2015 | |
| San Francisco, CA | 4 | Lead | Jun 2018 | |
 London | 3 | Lead | Nov 2016 | |
| San Francisco, CA | 3 | Lead | Apr 2019 | |
| San Francisco, CA | 3 | Lead | Apr 2019 | |
| San Francisco, CA | 2 | Participant | Apr 2015 | |
| San Francisco, CA | 1 | Participant | Apr 2015 | |
| New York City, NY | 1 | Participant | Sep 2022 | |
| Paris | 1 | Participant | Nov 2016 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by tray.io
tray.io has acquired 1 company to date.
Last acquisition by tray.io was on March 17th 2025. tray.io acquired Vanti AI for undisclosed valuation.
Latest Acquisitions by tray.io
| Description | Vanti AI is a Tel Aviv-based SaaS platform for manufacturing quality control using machine learning. It predicts defects and optimizes processes in real-time from shop floor data, requiring no coding for model training within a day. Serving electronics and automotive sectors globally since 2022, Vanti integrates with PLCs and MES systems. |
| HQ Country |  |
| HQ City | Tel Aviv |
| Deal Date | 17 Mar 2025 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all tray.io acquisitions and their M&A valuation multiples. Start Free Trial | |
tray.io Competitors
tray.io competitors include listed companies like GitLab and JFrog, and private ones like Port, CloudBees, Cypress.io and CircleCI.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Tel Aviv | Private | - | - | $800M | - | |
| San Jose, CA | Private | $150M | - | $1.1B | 7.7x | |
| Atlanta, GA | Private | - | - | $255M | - | |
| San Francisco, CA | Private | - | - | $1.7B | - | |
| United States | Publicly listed | $955M | ($82M) | $8.4B | 6.7x | |
| United States | Publicly listed | $532M | ($67M) | $12B | 17.4x |
tray.io Public Comps
tray.io is still privately-owned, but its public comps include Hanwang Technology Co, Horizon Quantum, Insyde Software, Shandong Cvicse, Qt Group, Suresofttech, Intercede Group, ZeroStack, Duiba Group and Link-U Group.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $282M | ($14M) | 2.2x | - | (44.4x) | - | |||
| $269K | ($5M) | 2287.8x | - | (125.2x) | (33.0x) | |||
| $53M | $14M | 5.3x | 5.2x | 19.6x | 19.5x | |||
| $22M | ($2M) | 8.0x | - | (112.8x) | - | |||
| $249M | $62M | 4.3x | 3.9x | 17.3x | 16.0x | |||
| $68M | $10M | 2.3x | - | 16.3x | - | |||
| $23M | $5M | 3.3x | 3.0x | 15.0x | 12.7x | |||
| $36M | ($115M) | 2.8x | 3.2x | (0.9x) | - | |||
This data is available for Pro users. Sign up to see all tray.io competitors and their valuation data. Start Free Trial | ||||||||
Common questions about tray.io
| When was tray.io founded? | tray.io was founded in 2012. |
| Where is tray.io headquartered? | tray.io is headquartered in San Francisco, CA, United States. |
| Is tray.io publicly listed? | No, tray.io is a private, VC-backed company. |
| What is tray.io's valuation? | tray.io was last valued at $600M in its Series C in November 2019. |
| How much funding has tray.io raised? | tray.io has raised $149M across 6 funding rounds. |
| What was tray.io's last funding round? | tray.io's last funding round was a $40M Series C in September 2022. |
| Who are tray.io's investors? | tray.io's investors include True Ventures, Notable Capital, Mosaic Ventures, Spark Capital, Meritech Capital Partners, AngelPad, Redpoint, StepStone Group, Acequia Capital (AceCap), CPP Investments and 1 other. |
| What is tray.io's revenue? | tray.io's latest recorded revenue is $70M (November 2019). |
| What is tray.io's revenue multiple? | tray.io's latest valuation implies a 8.6x revenue multiple ($600M valuation on $70M of revenue). |
| Which companies are comparable to tray.io? | Companies comparable to tray.io include Port, CloudBees, Cypress.io, CircleCI, GitLab and JFrog. |
| How many companies has tray.io acquired? | tray.io has acquired 1 company, including Vanti AI. |
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