TLDR:
- Vertice, a SaaS and cloud spend management platform, has raised $25 million in Series B funding after significant annual recurring revenue (ARR) growth in 2023.
- The funding round was led by 83North and Bessemer Venture Partners, bringing Vertice’s total funding to $51 million.
- Vertice plans to use the investment to expand its services, increase product innovation, and enter new markets worldwide.
- The fintech platform helps businesses manage SaaS and cloud spend and has achieved capital efficiency through responsible spending.
- Vertice currently manages $1.1 billion in cloud and software spending for businesses in over 30 countries.
Vertice, a leading integrated software-as-a-service (SaaS) and cloud spend management platform, has raised $25 million in Series B funding after experiencing significant annual recurring revenue (ARR) growth in 2023. The funding round was led by 83North and Bessemer Venture Partners, who have previously invested in the fintech platform.
Vertice plans to use the funds to expand its services and help more firms take control of their SaaS and cloud expenditure. The platform also intends to accelerate its product innovation and expand into new markets worldwide. With this latest funding round, Vertice has now raised a total of $51 million.
Vertice was established by former Wandera and ScanSafe founders Roy and Eldar Tuvey. The platform helps businesses manage their SaaS and cloud spend, which can often be the second-largest expense after payroll. Vertice estimates that it can help finance and procurement leaders save up to 25% on cloud and software costs. The fintech currently manages $1.1 billion in cloud and software spending for businesses in over 30 countries.
Vertice’s Co-founder and CEO, Roy Tuvey, expresses confidence in the platform’s success and plans for growth. He states that Vertice has achieved a tight product-market fit and has helped customers achieve significant cost savings. The company’s next chapter will focus on scaling into a business with a breakout trajectory.
Adam Fisher, partner at lead investor Bessemer Venture Partners, praises Vertice’s sales performance and exceptional product development. He believes that Vertice’s innovative solutions and focus on solving strategic pain points for enterprises will contribute to its long-term success.
Overall, Vertice’s latest funding round reflects the growing demand for solutions that help businesses manage their SaaS and cloud spend. With plans for expansion and increased product innovation, Vertice aims to continue its success in the fintech space.
