Spendflo, the all-in-one SaaS buying and management solution, announced the successful completion of an $11M Series A fundraising round led by Prosus Ventures and Accel. This latest round comes only ten months after the seed round, bringing the total amount raised to $15.4 million from investors such as Boldcap Ventures, Together Fund, and Signal Peak Ventures. The funding round will enable the company to fuel product growth and accelerate its global expansion with a strong focus on further development in the North American market.
Spendflo has enjoyed a rapid growth trajectory since its inception and has established a solid global presence, serving customers across North America, Europe, APAC, and the Middle East. The company’s revenues have increased 15 times, and its customer count has grown by 5X, with a team size four times larger. Spendflo plans to broaden its North American footprint by hiring regional market leads and deploying on-ground activity to increase awareness and usage of Spendflo.
“As cost optimization becomes a priority, Spendflo is becoming the go-to solution for buying, managing, securing, and saving on SaaS from one place. It fits like a glove for growth-hungry businesses and helps them unlock maximum ROI on their SaaS stack,” said Siddharth Sridharan, Co-Founder, and CEO of Spendflo.
Spendflo’s capital-efficient business model has proven compatible with fast-growing businesses looking for ways to shift strategies from growth-at-all-cost to profitability-first growth. The platform supports optimizing everything from a company’s cloud software expenses to financial metrics that matter today, including gross margins, runway, and burn rate.
“Outsourced SaaS procurement and management is emerging as a dominant area of interest for organizations, driven by a complex SaaS stack and the need to rationalize the cost base. We are confident in Spendflo’s ability to become a ‘single source of truth’ for SaaS customers by offering value-added features around infosec compliance, cloud cost optimization, and cybersecurity. We are thrilled to partner and support Spendflo in their ambition to become a global SaaS buying and management platform,” said Ashutosh Sharma, Head of Investments, India at Prosus Ventures.
Dinesh Katiyar, Partner at Accel, said, “Spendflo has evolved from a SaaS buying solution into an all-in-one platform. Today they help businesses at every stage of their SaaS buying and management journey while saving them countless hours and millions of time and money. Their continuous upward growth has shown us they’re the right team to tackle and solve this challenge.”
Spendflo’s growing customer base includes marquee brands and fast-growing unicorns. The platform has helped modern high-growth businesses such as Mindtickle, Hasura, Drip, 4G Clinical, and Wodify save up to 26% of their annual SaaS expenses since the last funding round.
With Spendflo’s all-in-one platform streamlining the SaaS procurement process, providing visibility into SaaS usage and spending, and ensuring compliance with regulatory requirements, it has become an integral part of mainstream operations for fast-growing businesses. Spendflo’s Buying Hub, Management Hub, and Security Hub facilitate collaboration and fast-track buying cycles, enabling businesses to optimize spending and unlock maximum ROI on their SaaS investments.