- SaaS buying platform Vendr recently announced it raised a $60 million Series A round of funding led by Tiger Global Management. These are the details.
SaaS buying platform Vendr recently announced it raised a $60 million Series A round of funding led by Tiger Global Management with participation from existing investors Craft Ventures, Y Combinator, Sound Ventures, Garage Capital, and F-Prime Capital.
Launched in 2019, Vendr facilitated over $300 million in SaaS purchases across 1,000+ suppliers, for customers such as HubSpot, Canva, and The Washington Post. And by empowering buyers to purchase SaaS with ease, Vendr is building the future of frictionless B2B sales. With this round of financing, Vendr will double down on product expansion and open international operations to service its growing list of global customers.
The economic impact of COVID-19 placed capital efficiency at the forefront of many companies’ priorities, creating tailwinds for Vendr’s SaaS buying platform. And the company also continues to experience organic growth through the rise of the SaaS industry overall. With finance leaders focused on capital efficiency and with the SaaS economy’s exponential growth, Vendr’s SaaS buying platform makes it a needed resource.
“We are building the path to the holy grail of sales. We believe that B2B buying can and should resemble e-commerce transactions. But today, the average SaaS sales cycle takes 85 days. This is a failure for both buyers and sellers of SaaS — it’s epically inefficient. Partnering with Tiger Global allows us to chase our dream of reinventing B2B sales — starting with the buyer.”
— Ryan Neu, Vendr Founder and CEO
“Companies are becoming increasingly reliant on SaaS, and with that comes material cost and time inefficiencies. Vendr is a tried-and-true way to reduce an organization’s SaaS expense while freeing up internal stakeholders to spend time on higher-value activities. Vendr is quickly becoming the de facto way to buy SaaS.”
— John Curtius, partner at Tiger Global