London-based tech-enabled SaaS purchasing company Vertice has raised $26 million in funding as it emerges from stealth to help businesses reduce their annual software spend and simplify the purchasing process.
The Series A round was led by 83North and Bessemer Venture Partners. Featured angel investors, including Juan Lobato, founder and co-CEO at Ebury; Omri Dahan, former CRO at Marqeta; Ronni Zehavi, co-founder and CEO at Hibob; Tom Ryan, co-founder and CEO at Pluto TV; Yuval Tal, former founder and CEO at Payoneer; and Bastian Nominacher, co-CEO and co-founder at Celonis also participated.
The funding will be used to accelerate the startup’s expansion of its engineering and commercial teams and drive revenue growth.
Globally, annual SaaS spend is projected to surpass $145 billion in 2022, according to Gartner. Cashing in on the predicted growth in the segment, the platform is designed to help businesses intelligently reduce their annual software spend by 20-30% and streamline the purchasing process. Founded in 2021 by serial entrepreneurs Roy and Eldar Tuvey, the solution addresses the continuous uptick in the cost of SaaS applications.
“SaaS costs are rising at an extremely rapid rate, and companies everywhere are struggling to keep their budgets under control and manage their complex renewal schedules,” said Eldar Tuvey, Vertice co-CEO and co-founder.
Laurel Bowden, partner at 83North said: “Vertice is solving a significant pain point for companies by reducing the friction and costs associated with managing SaaS renewals. 83North has invested in many teams enabling process simplification and enhancement in the enterprise.”