Vertice, a startup that manages businesses’ software renewals, has emerged from stealth following a $26m (£20.8m) Series A round led by 83North and Bessemer Venture Partners.
London-headquartered Vertice will use the funds for growth, hiring in the engineering and commercial departments and for platform development.
Vertice’s platform analyses the software as a service (SaaS) that a company is using and calculates ways to reduce expenditure. The platform can also negotiate new contracts based on its data analytics.
“Vertice is solving a significant pain point for companies by reducing the friction and costs associated with managing SaaS renewals. Vertice is one of those special companies where the founders’ backgrounds and proven execution make it a very unique investment and we are delighted to be backing them again,” said Laurel Bowden, partner, 83North.
Further capital was contributed by eight angel investors including Juan Lobato, founder and co-CEO at Ebury and Omri Dahan, former CRO at Marqeta.
Whether it’s DocuSign, Salesforce or Dropbox, companies around the world are reliant on SaaS products to run their business.
According to Gartner, annual SaaS spend is estimated to exceed $145bn (£116bn) in 2022.
“We have engineered Vertice to radically simplify SaaS purchasing, eliminating wasted cycles and freeing up finance teams to focus on core areas of the business,” said Eldar Tuvey, co-CEO and co-founder, Vertice.
Vertice was founded by brothers Roy and Eldar Tuvey and has been in stealth since the second half of 2021.
The Tuveys are no strangers to SaaS businesses. Previously they founded ScanSafe, which was acquired by Cisco for $200m (£160m) and Wandera, which was acquired by JAMF for $400m (£320m).
“We are excited about backing Vertice as they work on behalf of SaaS customer in what we believe is a multi-billion market opportunity,” said Adam Fisher, partner, Bessemer Venture Partners.
While headquartered in London, Vertice has its team spread across seven countries.