Software-as-a-Service (SaaS) purchasing solution Vertice has raised $26 million in a Series A funding round, the company announced Thursday (May 19).
According to Tech Funding News, the new capital will help the U.K.-based firm expand its engineering and commercial teams, develop its platform and accelerate growth revenue.
“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,” says Eldar Tuvey, Vertice co-CEO and co-founder.
“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.”
Founded by brothers Roy and Eldar Tuvey, Vertice helps businesses finance, IT and procurement reduce their annual software spending and streamline purchasing.
The report says Vertice had been in stealth mode since last year, working with a select group of European organizations to stress-test its product. Headquartered in London, the company has operations in Europe and North America.
The Series A was led by 83North and Bessemer Venture Partners, along with a group of several angel investors.
As PYMNTS reported earlier this year, software now accounts for a rising portion of business technology spending.
“Every company in the world is — for the most part — becoming increasingly reliant on software, and I actually think that’s a great thing because it’s a massive lever for businesses,” Ryan Neu, CEO of SaaS buying platform Vendr, said in an interview with PYMNTS. “Now, there’s a host of challenges that come with that.”
He said that companies must decide where to invest during talent shortages, rising inflation, and market volatility, all while dealing with the rising cost of software.
“SaaS overloads the business because of the sheer quantity of products in use,” Neu said.