Vertice, an integrated SaaS and cloud spend management platform, has announced a milestone in its growth journey by raising $25m.
The Series B round marks a new chapter in its rapid revenue expansion. This recent financial injection elevates Vertice’s total funds raised to $51m since January 2022, placing its valuation firmly in the hundreds of millions.
The funding round saw the return of 83North and Bessemer Venture Partners, the lead investors from the company’s Series A. Their renewed commitment, totalling $25m, comes on the heels of Vertice’s impressive 7x growth in Annual Recurring Revenue (ARR) in 2023. Notably, the company’s growth trajectory has been characterised by remarkable capital efficiency, a testament to the strategic foresight of serial entrepreneurs Roy and Eldar Tuvey.
Vertice stands out in the FinTech landscape through its unique proposition. It is the sole platform globally addressing the intricacies of both SaaS and cloud spending. In 2023, the company fortified its market leadership by unveiling a suite of product modules, including its Cloud Cost Optimization offering. These innovations are designed to simplify enterprise spending visualisation and control, offering detailed spending breakdowns and streamlined procurement workflows.
The fresh capital is earmarked for accelerating Vertice’s ambitious product innovation pipeline and supporting its global expansion ambitions. The company is poised to bolster its workforce significantly, creating over 150 new positions worldwide. This expansion aligns with Vertice’s commitment to continuously enhancing its platform and supporting a growing customer base.
Several key figures have voiced their support and confidence in Vertice’s trajectory. Laurel Bowden, partner at 83North, highlighted the company’s “powerful combination of a tenacious team, fast execution, and a huge market with strong structural tailwinds.” Adam Fisher, partner at Bessemer, commended Vertice’s remarkable sales trajectory and exceptional product development, noting the company’s potential for “sustained long-term and defensible success.”
Roy Tuvey, founder and CEO of Vertice, reflected on the company’s journey: “Two years ago, we had passion, funding, and a clear product vision, but no proof that Vertice would be this kind of success story. Since then, it has been incredibly validating to see such a tight product-market fit, with customers achieving cost savings that are flowing directly to their bottom lines. This next chapter will be about scaling into a business with a break-out trajectory, and I have total conviction we will do so. Our name comes from being in our customers’ corner, and we are resolute in helping them operate more efficiently through the headwinds in the global economy.”
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