Cologne’s Sastrify has raised $15 million in a Series A funding round. The platform helps finance and teams company-wide in optimising the management and cost of the SaaS tools they use on a daily basis. The new funds are slated to be used to meet and expound upon growing international interest and usage of the platform. Since late December of 2020, the company has raised a total of $22 million.
While providing teams with the best tools to do the best job isn’t even really a question for businesses in the business of succeeding, keeping an eye on these costs is. Co-founder and CTO Maximilian Messing knows this catch-22 all too well, and together with co-founder Sven Lackinger, created Sastrify to help procurement teams cut down on the unnecessary hours of managing software contracts.
The goal of Sastrify is simple: build a single platform for companies that handles the entire lifecycle of enterprise SaaS. Simple enough in premise, not so simple in execution.
Through a series of cooperative agreements, with over 50 SaaS providers including Google, Miro, and 1Password, Sastrify offers clients a one-stop-shop where they can browse for new software and then follow a structured procurement process to get what they need in a flash, all at a best-in-market price. Likewise, the platform also flags under-performing contracts and offers optimised solutions as well as handling any renewals.
The company counts industry-leading players such as Gorillas, pleo, and sennder amongst its client base and continues to see more than 30% month-over-month revenue growth.
“Money aside, tech, finance, and procurement teams simply waste countless hours on managing their software contracts,” explained Messing. “As a CTO myself, I would much rather build an amazing product than spend time on finding out fair prices or negotiating with vendors. Sastrify makes SaaS procurement as easy as buying something on Amazon.”
Sastrify’s $15 million Series A round was led by FirstMark Capital who now joins existing investors HV Capital and various angel investors including DoorDash’s Gokul Rajaram, Zendesk’s Jeff Titterton, the founders of Billie, and the founders of Sastrify client sennder.
“Companies are wasting billions of dollars and some of their most valuable employee time trying to discover, curate, and procure their technology, and Sastrify is tackling this problem by giving the power back to procurement teams through data and automation,” commented FirstMark’s Adam Nelson. “Ultimately, we see the emergence of a modern, network-enabled, software purchasing stack with Sastrify at its core.”