17th January 2024, London. Vertice, the world’s only integrated SaaS and cloud spend management platform, has today announced a £19.70 ($25 million) Series B following a year of lightning fast revenue growth. The company has now raised a total of $51 million since January 2022, upping its valuation into the hundreds of millions. Vertice will use the capital to further fuel its pace of product innovation and accelerate its worldwide expansion. 

83North and Bessemer Venture Partners, who were the lead investors in the company’s Series A, have returned with £19.70 ($25 million) in additional funding after seeing Vertice achieve 7x growth in ARR in 2023. Vertice’s growth has been achieved with tremendous capital efficiency. Former Wandera and ScanSafe founders Roy and Eldar Tuvey were able to opt for a fundraise that would support their ambitious expansion plans while staying true to the company’s ethos of responsible spending. This latest funding round increases its total available cash reserves to $40 million.

Vertice manages over $1.1 billion in software and cloud spend for hundreds of companies in over 30 countries spanning every sector of the economy. Customers are choosing Vertice to automate their procurement workflows, improve their operational efficiency and get granular visibility into their software and cloud spend.

The Vertice difference

In recent years, software and cloud costs have become the fastest growing expense category for companies and the second largest line item behind payroll. Vertice’s mission is to put finance and procurement leaders in control of these costs, saving them 25% on their SaaS and cloud spend. 

In 2023, Vertice confirmed its leadership position in the category with the release of a number of product modules that make it easier for enterprises to visualize and control spending. It launched its Cloud Cost Optimization offering, making Vertice the only platform globally that tackles both SaaS and cloud spending. It also rolled out detailed spending breakdowns and usage analytics, as well as procurement workflows to automate, track and audit the purchase of software. 

Scaling rapidly in 2024 and beyond 

To support its ambitious growth plans and growing customer base, Vertice will create over 150 new positions in 2024 across the US, EMEA and APAC, and will also be investing in its platform to solve more of its customers’ needs, including expanding functionality to help customers better optimize their clouds and radically streamline their technology stack. 

Laurel Bowden, partner at 83North said:

“Vertice has a powerful combination of a tenacious team, fast execution and a huge market with strong structural tailwinds. Companies of all sizes are feeling the pain of wasted spend and Vertice is uniquely positioned to address the changing needs of CFOs. As a result, Vertice has quickly become the go-to platform for companies looking to get lean and extend their runways.”

Adam Fisher, partner at Bessemer added:

“Vertice’s trajectory has been incredible, not just from a sales perspective but also in terms of its exceptional product development. Building genuinely innovative solutions that solve strategic pain points for enterprises is something that sets Vertice apart. We believe this is a recipe for sustained long-term and defensible success.”

Roy Tuvey, founder and CEO at Vertice underlined that this is just the start of a long and ambitious 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.”

Vertice was founded by serial entrepreneurs Roy and Eldar Tuvey. The brothers have two decades of experience running enterprise SaaS companies, most notably founding ScanSafe and Wandera, which exited for $200 million (Cisco) and $400 million (JAMF).

ENDS

About Vertice:

Vertice is the world’s first integrated SaaS and cloud spend management platform. Built for finance and procurement leaders, Vertice gives businesses granular control and visibility of their SaaS and cloud spend – delivering average cost savings of up to 25%. Today, Vertice manages over $1.1 billion in contract spend for hundreds of customers in over 30 countries, and is the only platform worldwide that empowers companies to view, control and save on both SaaS and cloud costs with an integrated unified offering. Vertice is headquartered in London with offices in New York, Sydney and Brno. Learn more at www.vertice.one. 

About 83North: 

83North is a global venture capital firm with over $1B under management. The fund invests across all stages, in exceptional entrepreneurs, whose focus is to build global category-leading companies. It has backed more than 70 companies including Celonis, Ebury, Hybris (acquired by SAP), iZettle (acquired by PayPal), Just Eat (LSE:JE), Marqeta, Mirakl, ScaleIO (acquired by EMC), SocialPoint (acquired by Take2), Vast, Via and Wolt.

About Bessemer Venture Partners:

Bessemer Venture Partners helps entrepreneurs lay strong foundations to build and forge long-standing companies. With more than 145 IPOs and 300 portfolio companies in the enterprise, consumer and healthcare spaces, Bessemer supports founders and CEOs from their early days through every stage of growth. Bessemer’s global portfolio has included Pinterest, Shopify, Twilio, Yelp, LinkedIn, PagerDuty, DocuSign, Wix, Fiverr, and Toast and has $20 billion of assets under management. Bessemer has teams of investors and partners located in Tel Aviv, Silicon Valley, San Francisco, New York, London, Hong Kong, Boston, and Bangalore. Born from innovations in steel more than a century ago, Bessemer’s storied history has afforded its partners the opportunity to celebrate and scrutinize its best investment decisions (see Memos) and also learn from its mistakes (see Anti-Portfolio).