Spend optimization platform Vertice announced $50 million in Series C funding led by Lakestar. This funding has raised the total to over $100 million. And additional participants include Perpetual Growth and CF Private Equity, along with existing investors Bessemer Venture Partners and 83North.
This oversubscribed funding round is the latest milestone in Vertice’s 2.5-year growth journey, exponentially scaling its worldwide revenue and customer base while maintaining capital efficiency.
The company has grown revenue 13x over the past 2 years. And the Series C funding will accelerate Vertice’s goals of creating the go-to unified backbone for modern procurement teams.
Vertice will open several new regional offices this year and drive product development by tripling its engineering team. New automated product capabilities and integrations will help enterprise procurement and finance teams improve visibility, streamline processes, reduce costs, and make better decisions.
Procurement teams often struggle with opaque approval processes, rising prices, compliance threats, and a lack of clarity over the best pricing. The market’s current response is disparate and disconnected point solutions, such as procurement workflow builders, contract negotiation, benchmarking data, and SaaS spend optimization.
Vertice offers customizable procurement workflows that deliver AI-supported insights into spend optimization, usage, and risk management directly within the workflow itself. These insights are based on Vertice’s negotiation experience across $3.4bn of SaaS and cloud spending on behalf of hundreds of enterprise customers globally, plus the unmatched benchmarking data Vertice has on 16,000+ software vendors. Vertice workflows have consistently more than halved purchasing cycles and curtailed spending while reducing SaaS and cloud costs by as much as 30%.
Vertice’s proposition has been adopted by hundreds of finance and procurement leaders, including the teams at ASML, Euronext, Grant Thornton, and Santander. In the last year, Vertice has significantly grown its enterprise customers in the US, EMEA, and APAC – the only spend optimization platform with a significant presence and customer base in all three regions.
Vertice was created by serial entrepreneurs Roy and Eldar Tuvey. The brothers have two decades of experience running enterprise SaaS companies, most notably founding ScanSafe and Wandera, which exited for $200 million (Cisco) and $400 million (JAMF).
KEY QUOTES:
“We created our own unfair advantage. After spending two years perfecting our SaaS and cloud spend optimization, achieving product-market fit, and taking market share from established players, we’ve brought all of our data and insights directly into the workflow experience. All employees can now initiate any purchase, quickly, transparently, and at the best price, while procurement can fully customize the workflows to their needs and embed granular approvals.”
- Roy Tuvey, Founder and CEO at Vertice
“The curse and the blessing of procurement is that it is the only business process that any employee could perform – with or without authorization. Control and visibility of every purchase therefore becomes essential, but it can be painfully difficult when data and intelligence is disparate. Unifying these data sources and processes into a single platform that is built with the stakeholder experience in mind, as much as for procurement leaders, solves so many challenges – and is a huge opportunity for Vertice.”
- Stephen Day, CPO at Kantar and a member of Vertice’s Advisory Board
“Vertice has consistently demonstrated its ability to execute, innovate, and drive key growth metrics year after year, all at scale. We firmly believe there is no organization better positioned to become the unified platform of choice for the modern procurement team.”
- Georgia Watson, Partner at Lakestar
