Vertice, a SaaS and cloud spend management platform, recently announced a $25 million Series B following a year of lightning-fast revenue growth. And the company has now raised a total of $51 million since January 2022, upping its valuation into the hundreds of millions. Vertice will use funding to fuel its pace of product innovation further and accelerate its worldwide expansion.
83North and Bessemer Venture Partners (the lead investors in the company’s Series A) have returned with $25 million in additional funding after seeing Vertice achieve 7x growth in ARR last year. And Vertice’s growth has been achieved with tremendous capital efficiency. This latest funding round increased its total available cash reserves to $40 million.
Last year, Vertice confirmed its leadership position in the category with the release of a number of product modules that make it easier for enterprises to visualize and control spending. And it launched its Cloud Cost Optimization offering, making Vertice the only platform globally that tackles both SaaS and cloud spending and rolled out detailed spending breakdowns and procurement workflows. To support ambitious growth plans and growing customer base, Vertice will create over 150 new positions globally and further invest in its platform.
KEY QUOTES:
“Vertice has a powerful combination of a tenacious team, fast execution and a huge market with strong structural tailwinds. Companies of all sizes are feeling the pain of wasted spend and Vertice is uniquely positioned to address the changing needs of CFOs. As a result, Vertice has quickly become the go-to platform for companies looking to get lean and extend their runways.”
– Laurel Bowden, partner at 83North
“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.”
– Adam Fisher, partner at Bessemer
“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.”
– Roy Tuvey, founder and CEO at Vertice
