CPE News (10.26.2022) – Unito has raised $20 million in Series B funding led by CDPQ with participation from new investors Rainfall Ventures and Investissement Québec, as well as existing investors Bessemer Venture Partners, Tom Williams and Mistral Ventures.
Unito received the majority of its funding from Equity 25, a CDPQ investment fund created to increase diversity and inclusion at growing companies.
CDPQ’s Normand Chartrand has joined Unito board of directors.
Unito will use new funding to solidify its growing market traction — customers include Atlassian, Corpay, Teamwork, the Cincinnati Reds and Wrike — and expand its connectors across the entire suite of digital productivity solutions.
Founded by Marc Boscher, John Espinoza, and Eryk Warren, Montreal based Unito is a leading workflow management software provider. Unito’s workflow automation platform and two-way integrations allow information to flow freely between apps like Atlassian’s Trello and Jira Software, Asana, GitHub and Google Sheets, leading to easier collaboration, more efficient work, and higher productivity.
In June 2019, Unito raised US $10.5 million in Series A funding led by Bessemer Venture Partners with participation of Mistral Venture Partners, Real Ventures and private investors including Tom Williams.
photo credit: Unito
Unito Raises $20 Million to Shape the Future of Collaborative Work
CDPQ leads round with participation of existing investors Bessemer Venture Partners, to accelerate Montreal-based Unito’s market traction in North America
MONTREAL, Oct. 26, 2022 /CNW Telbec/ – Unito, the leader in workflow management software, today announced the completion of a $20 million funding led by CDPQ with participation from new investors Rainfall Ventures and Investissement Québec, as well as existing investors Bessemer Venture Partners, Tom Williams and Mistral Ventures. The new funding will allow Unito to solidify its growing market traction — customers include Atlassian, Corpay, Teamwork, the Cincinnati Reds and Wrike — and expand its connectors across the entire suite of digital productivity solutions.
Unito integrates disparate SaaS applications, enabling workflows that cross the boundaries of tools, teams, and organizations. The unique no-code, two-way integrations allow information to flow freely between apps like Asana, GitHub, Google Sheets, Jira, Salesforce, Trello, and many more, leading to easier collaboration, more efficient work, and higher productivity. The simple-to-use platform can be used by any non-technical knowledge worker. One Unito customer, Boveda, saves one full work day each week with the integrations, while another, Verivox, automated the painful manual process of migrating 50,000 Jira issues to ClickUp.
“As SaaS tools proliferate, companies are embracing integrations that bring tools together and power the cross-functional teams that are the future of work,” said Marc Boscher, co-founder and CEO at Unito. “Our customers recognize the impact of no-code, two-way syncs, and we’re thrilled to have investors that share our mission of smashing tool silos and uniting work. Unito’s integrations cut tool license costs, eliminate hours of manual copy and pasting, and empower teams to close projects faster and rapidly scale.”
Unito to become the universal translator for enterprises
The explosion of SaaS applications, amplified by the shift to remote work amid the COVID-19 pandemic, has transformed the way employees work and organizations spend resources. The headaches caused by these changes lent new urgency to the perpetual business problem of cross-team collaboration as distributed teams sought alternatives to meetings to make asynchronous work effective. Most integration players use the same paradigm: if trigger then action. But two-way integrations with this primitive structure are complex and difficult to maintain.
Unito’s unconventional solution — easy-to-use, two-way integrations between an ever-growing list of popular tools — has attracted more than 50,000 users at 7,000 companies worldwide with workflows in IT, project management, sales, spreadsheets, software development, and more. To capture this growing demand, Unito tripled its headcount since 2020 and improved its gender pay gap to 4% vs. an industry average of 11%. In 2022, Unito’s inbound monthly free trials doubled in six months. The new funding allows Unito to capitalize on its market traction and break into even more SaaS categories, starting with support tools.
“We believe Unito is well positioned to accelerate its global growth by solidifying its considerable market presence and opening up new categories as companies seek simple and powerful workflow integrations,” said Wils Théagène, Senior Director at CDPQ and representative of the Equity 253 fund. “We’re especially excited to lead this round because Unito shares our commitment to diversity and inclusion.”
Unito received the majority of its funding from Equity 253, a CDPQ investment fund created to increase diversity and inclusion at growing companies. Unito achieved most of the Equity 253 diversity requirements — for its board of directors, management team, and shareholding — five years ahead of the deadline. The company also has a transparent pay structure and adjusts for gender-based salary disparities to ensure fairness.
“Unito is a leader in an integration market that has significant growth opportunities,” said Jeremy Levine, partner at Bessemer Venture Partners. “Marc and Eryk’s vision to allow workers to work from their tool of choice is crucial for distributed teams and the cost savings are important for companies in an uncertain economy. We look forward to continuing our partnership with Unito as the company pursues new markets and continues shaping the flow of work.”
Unito exponentially increases the value companies can get out of each of their tools, saving teams hours of manual copying and pasting and allowing businesses to cut tool license costs. Current integrations include Asana, Excel, Github, Google Sheets, Hubspot, Jira, Salesforce, Trello, Wirke, Zendesk, and more. The new funding also will go toward continuing to add top talent as well as adding new integrations as Unito aims to take over the integration market.
To learn more about Unito, visit https://unito.io/.
Founded in 2015, Unito was created to integrate disparate SaaS applications, enabling workflows that cross the boundaries of tools, teams, and organizations. Unito’s workflow automation platform and two-way integrations allow information to flow freely between apps like Atlassian’s Trello and Jira Software, Asana, GitHub and Google Sheets, leading to easier collaboration, more efficient work, and higher productivity. The company is headquartered in Montreal, Canada. For more information, please visit https://unito.io/ or follow @unitoio.
At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public retirement and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at As at June 30, 2022, CDPQ’s net assets totalled CAD 391.6 billion. For more information, visit cdpq.com, follow us on Twitter or consult our Facebook or LinkedIn pages.
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About Bessemer Venture Partners
Bessemer Venture Partners helps entrepreneurs lay strong foundations to build and forge long-standing companies. With more than 135 IPOs and 200 portfolio companies in the enterprise, consumer and healthcare spaces, Bessemer supports founders and CEOs from their early days through every stage of growth. Bessemer’s global portfolio has included Pinterest, Shopify, Twilio, Yelp, LinkedIn, PagerDuty, DocuSign, Wix, Fiverr and Toast and currently has more than $20 billion of assets under management. Bessemer has teams of investors and partners located in Tel Aviv, Silicon Valley, San Francisco, New York, London, Boston, Beijing, and Bangalore. Born from innovations in steel more than a century ago, Bessemer’s storied history has afforded its partners the opportunity to celebrate and scrutinize its best investment decisions (see Memos) and also learn from its mistakes (see Anti-Portfolio)
For further information: Media Contact: Mark Dunphy, Bateman Agency for Unito, firstname.lastname@example.org; Kate Monfette, CDPQ, email@example.com