SaaS & Cloud Platform Vertice Raises US$25m in Funding
Vertice, a leading integrated software-as-a-service (SaaS) and cloud spend management platform has generated US$25m in Series B funding after multiplying its annual recurring revenue (ARR) by seven for FY2023.
Now having raised a total of US$51m in funding, the spend management platform hopes to expand its services to help more firms take control of their SaaS and cloud expenditure.
The fintech will also put its latest investment towards increasing the pace of its product innovation and its expansion into more markets worldwide.
This latest funding round in Vertice was led by 83North and Bessemer Venture Partners, both pumping additional capital into Vertice after leading the fintech’s Series A funding round.
Vertice: The fintech helping firms manage SaaS and cloud spend
Established by former Wandera and ScanSafe founders Roy and Eldar Tuvey, Vertice has used previous funding to achieve growth through tremendous capital efficiency.
By receiving additional capital from the same investors, the fintech’s Co-founders are happy that they have generated the right amount of funds to fuel expansion growth plans while remaining true to their ethos of responsible spending. Vertice’s available cash reserves now stand at US$40m.
Vertice Co-founder and CEO, Roy Tuvey, says: “Two years ago we had passion, funding and a clear product vision, but no proof that Vertice would be this kind of success story. Since then, it has been incredibly validating to see such a tight product-market fit, with customers achieving cost savings that are flowing directly to their bottom lines.
“This next chapter will be about scaling into a business with a break-out trajectory and I have total conviction we will do so. Our name comes from being in our customers’ corner and we are resolute in helping them operate more efficiently through the headwinds in the global economy.”
What is breakthrough fintech startup Vertice?
Today, Vertice manages US$1.1bn in cloud and software spending for businesses in more than 30 countries, spanning every area of a modern, technology-enabled economy.
The fintech has become increasingly popular for businesses looking to automate procurement workflows and operation efficiencies, enabling them access to granular visibility of their software and cloud spend.
But how has Vertice got there? For Roy and Eldar Tuvey, it has been about capitalising on the needs of businesses to manage soaring software and cloud costs, with these technologies the second-largest expense for businesses behind payroll.
For the businesses it now serves, Vertice estimates it helps finance and procurement leaders save up to 25% on cloud and software costs, a service particularly important for businesses grappling with the current economic climate.
With the launch of its Cloud Cost Optimisation tool in 2023, Vertice says it is the only platform globally that has measures designed to tackle SaaS and cloud spending in one integrated service.
Adam Fisher, partner at lead investor Bessemer, adds: “Vertice’s trajectory has been incredible, not just from a sales perspective but also in terms of its exceptional product development.
“Building genuinely innovative solutions that solve strategic pain points for enterprises is something that sets Vertice apart. We believe this is a recipe for sustained long-term and defensible success."
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