Vertice Raises $50M in Series C Funding to Revolutionize Procurement Efficiency
Vertice, a prominent player in the spend optimisation platform industry, has successfully raised $50 million in a Series C funding round led by Lakestar. This substantial investment reflects the growing demand for effective spend management solutions among businesses today.
Funding Details and Growth Milestone
The recent funding round saw participation from notable investors including Perpetual Growth and CF Private Equity, as well as existing supporters such as Bessemer Venture Partners and 83North. With this latest injection of capital, Vertice’s total funding has surpassed $100 million.
Significant Revenue Growth
This oversubscribed funding round signifies a pivotal moment in Vertice’s expansion journey, which has seen the company boost its revenue by an impressive 13 times over the past two years while effectively managing its capital.
Future Expansion Plans
The new capital will be allocated towards Vertice’s ambitious growth strategies, which include:
- Opening new regional offices
- Tripling the size of its engineering team by 2025
- Enhancing product development with automated capabilities and integrations
These initiatives aim to assist enterprise procurement and finance teams in improving visibility, streamlining operations, and cutting costs.
Challenges in Procurement
Procurement teams frequently encounter obstacles such as:
- Opaque approval processes
- Escalating costs
- Compliance complexities
Current market solutions often present fragmented approaches, lacking a comprehensive framework. Vertice addresses these challenges through its integrated platform that combines procurement workflows, contract negotiation, benchmarking data, and SaaS spend optimisation into a single solution.
Innovative AI-Powered Solutions
Vertice’s AI-driven workflows deliver actionable insights regarding spend optimisation, usage, and risk management. With extensive experience negotiating over $3.4 billion in SaaS and cloud expenditures, Vertice has successfully aided its clients in:
- Halving purchasing cycles
- Reducing unauthorized spending
- Achieving cost reductions of up to 30%
Leadership Insights
Roy Tuvey, CEO and co-founder of Vertice, stated, “We created our own unfair advantage. After spending two years perfecting our SaaS and cloud spend optimization, we’ve integrated our data and insights directly into the workflow experience, allowing all employees to initiate purchases quickly and transparently.”
Investor Perspectives
Georgia Watson, a partner at Lakestar, expressed confidence in Vertice’s potential: “Vertice has consistently demonstrated its ability to execute, innovate, and drive key growth metrics year after year, all at scale. We believe there is no organization better positioned to become the unified platform of choice for the modern procurement team.”
For more insights on procurement technology trends, visit Forbes.
