Internet / Investing

Zonoff just raised a $31.8M Series B

It's a massive raise by Philly IT company standards, trumped only by iPipeline's $71.4 million and SevOne's $150 million. Zonoff makes the software that powers connected-home devices.

Inside Zonoff's Malvern, Pa.-based offices, pictured here in 2015. (Courtesy photo)

Zonoff, the Malvern company whose technology powers Staples’ connected-home offerings, just raised a $31.8 million Series B. Investors include Valhalla Partners and Grotech Ventures — Vienna, Va.-based investors who previously invested in the company — along with other strategic and venture investors, according to a release. The raise comes roughly 18 months after its $3.8 million Series A.

It’s a massive raise by Philly IT company standards, trumped only by iPipeline’s $71.4 million and SevOne’s $150 million.

The raise will primarily be used to hire more staffers and “accommodate additional market expansion,” a spokeswoman said. The company has 45 full-time employees and is looking to double that over the next year. See open positions here.

In a statement, Valhalla Partners general partner Kiran Hebbar said that one of Zonoff’s selling points is that the company is not in the hardware business.

“This is a very valuable position for the company as it does not compete with its various partners that either make or sell connected devices,” he said.

In July, the company, led by CEO Mike Harris, expanded its partnership with Staples after a successful pilot. Its technology, which powers Staples Connect, is now sold in 500 Staples stores.

This is another in a series of big raises by Philly startups. RJMetrics raised $16.5 million this fall and Curalate raised $8.6 million last summer.

Companies: Grotech Ventures / Zonoff

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