How Vertice Will Simplify Procurement With Series C Funding
Spend optimisation platform Vertice has announced US$50m in a Series C funding round led by Lakestar.
The latest investment means Vertice has, to date, raised more than US$100m. Additional participants include Perpetual Growth and CF Private Equity, which join existing investors Bessemer Venture Partners and 83North.
Vertice was founded by serial entrepreneurs Roy and Eldar Tuvey. The brothers have two decades of experience running enterprise SaaS companies under their belts, most notably founding ScanSafe and Wandera, which exited for US$200m (Cisco) and US$400m (JAMF) respectively.
Vertice's procurement mission
The oversubscribed Series C round serves as the latest milestone in Vertice's growth journey of the past two-and-a-half years. It has exponentially scaled its customer base while maintaining best-in-class capital efficiency and has seen its revenue grow 13 times over.
The cash injection will further accelerate Vertice's mission to create the go-to unified backbone for modern procurement teams. This year, the firm plans to open several new regional offices 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.
"We created our own unfair advantage," comments Roy Tuvey, Founder and CEO at Vertice. "After spending two years perfecting our SaaS and cloud spend optimisation, 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 customise the workflows to their needs and embed granular approvals."
As procurement teams encounter daily struggles with opaque approval processes, rising prices, compliance threats and a lack of clarity over best pricing, the market's current response remains disparate and disconnected from point solutions, including procurement workflow builders, contract negotiations, benchmarking data and SaaS spend optimisation.
Vertice has risen to assume a recognised leadership role in procuretech by offering a single, unified platform. It provides fully-customisable procurement workflows, which deliver AI-supported insights into spend optimisation, usage and risk management directly within the workflow itself.
These insights are based on Vertice's negotiation experience across US$3.4bn of SaaS and cloud spend 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, curtailed maverick spending, while reducing SaaS and cloud costs by as much as 30%.
Control and visibility of every purchase
Vertice's solution has been eagerly adopted by hundreds of finance and procurement leaders, including teams at ASML, Euronext, Grant Thornton and Santander. In the last 12 months, Vertice has significantly grown its enterprise customer base in the US, EMEA and APAC, giving it a significant presence and customer base in all three regions.
Stephen Day, CPO at Kantar and a member of Vertice's Advisory Board, adds: "The curse and the blessing of procurement is that it is the only business process that any employee could perform – with or without authorisation.
"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."
Lakestar is one of the leading pan-European venture capital firms. Lakestar's mission is to find, fund and grow disruptive businesses that are enabled by technology and founded by exceptional entrepreneurs in Europe and beyond.
Georgia Watson, Partner at Lakestar, adds: "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 organisation better positioned to become the unified platform of choice for the modern procurement team."
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