SpendFlo, an all-in-one platform to buy, manage and secures SaaS, has raised $11m in Series A funding.
The round, which takes the total raised by the company to $15.4m, was led by Prosus Ventures and Accel.
Founded in 2021 by Siddharth Sridharan, Ajay Vardhan, and Rajiv Ramanan, SpendFlo aims to simplify buying, managing and renewing SaaS solutions for companies.
In a post on the company’s website, Sridharan explained the idea behind the company came from personal experience. “I was running business operations at an electric vehicle charging company in California. Every quarter, my CFO would complain to me that we were spending too much on SaaS. But I didn’t know who owned the contracts or how we were using the tools. I got so fed up and realized I couldn’t be the only one with this problem.”
High-growth businesses use over 150+ SaaS tools, spending over $2m in subscriptions and 900 hours buying and managing them, Sridharan added. In fact, these 900 hours include the time of seven different department heads as well. Despite all that, as much as 30% of SaaS and cloud investments are wasted.
This is because businesses don’t have a simple way to centralise their intake and approval workflows, access benchmark pricing data to negotiate effectively, automate third-party risk assessment, understand real-time spend, usage and sentiment.
According to SpendFlo, the market need is validated in that the company has grown 30% month-on-month, five times in customer count across four continents, 15 times in revenue and four time in team size.
“As the market slows down and purse strings tighten, the all-in-one Spendflo platform is uniquely positioned to give CFOs everything they need to optimise their SaaS spends without affecting productivity and efficiency,” Sridharan said.
Earlier this year, Growfin, a SaaS FinTech startup, scored $7.5m in a Series A funding round headed by Singapore’s SWC Global.
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global