Amount Raised
$11 Million
Round Type
Funding Round
Description
Software-as-a-Service (SaaS) buying and management solution Spendflo on Tuesday said it has raised $11 million in a Series A funding round led by Prosus Ventures and Accel.Having raised the latest round of capital after 10 months of its seed round, the 2021-founded firm has so far raised $15.4 million from investors, including Prosus Ventures, Accel, Together Fund, Signal Peak Ventures and Boldcap Ventures.The new capital will help the company fuel product growth and accelerate global expansion with a strong focus on furthering growth in the North American market, it said in the statement.Serving customers across North America, Europe, Asia Pacific and the Middle East regions, Spendflo said it has grown 30% month on month since the start of 2022, multiplying its revenue 15 times, growing its customer count by 5X, and expanding the team size fourfold.Spendflo is now looking to broaden its North American footprint through the hiring of regional market leads and deploying on-ground activity that will result in greater awareness and Spendflo usage.“As cost optimisation becomes a priority, Spendflo is becoming the go-to, tailormade 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,” Siddharth Sridharan, cofounder and CEO, Spendflo, said.Discover the stories of your interestBlockchain5 StoriesCyber-safety7 StoriesFintech9 StoriesE-comm9 StoriesML8 StoriesEdtech6 StoriesSpendflo supports the optimisation of everything from a company's cloud software expenses to financial metrics that matter today, including gross margins, runway, and burn rate, Rajiv Ramanan, co-founder and chief revenue officer, added.“Outsourced SaaS procurement and management is emerging as a dominant area of interest for organisations, driven by a complex SaaS stack and need to rationalise the cost base,” Ashutosh Sharma, head of investments, India, at Prosus Ventures, said.Founded in 2021 by Sridharan, Ajay Vardhan and Ramanan, Spendflo serves a clientele that includes Mindtickle, Hasura, Drip, 4G Clinical and Wodify. Its ‘Buying Hub’ streamlines the SaaS procurement process; ‘Management Hub’ provides visibility into SaaS usage and spending; and ‘Security Hub’ facilitates collaboration and fast-tracks buying cycles.
Quick answer
Spendflo raised $11 Million in a Funding Round round, dated April 4, 2023.
- How much did Spendflo raise?
- Spendflo raised $11 Million in a Funding Round round on April 4, 2023.
- What does Spendflo do?
- Companies waste up to 30% of their SaaS spend.
- Who are the decision-makers at Spendflo?
- Fundz holds 1 contact at Spendflo. Names and contact details are shown to Fundz members.
Source: Fundz verified event record.
Who else raised in Financial Services and Administrative Services around the same time
Companies in the same sectors as Spendflo that raised within 45 days of this round, from Fundz verified event records.
- Streamex Corp. raised $3.7M (Seed) on May 16, 2023.
- Gappify, Inc. raised an undisclosed amount (Series B) on May 1, 2023.
- M3ter raised $14M (Funding Round) on April 27, 2023.
- Clara raised $60M (Funding Round) on April 26, 2023.
- Certn raised $30M (Series B) on April 20, 2023.
- Streamex Corp. raised $1.4M (Seed) on April 18, 2023.
Who to call at Spendflo, and when
A new round usually means Spendflo is about to hire and buy. The teams that reach out first get the meeting.
- An alert the day Spendflo raises, hires an executive or expands, scored against what you sell
- The decision-makers there, with verified emails
- Who you already know at Spendflo, from your own LinkedIn network
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Related People
Spendflo raised. Fundz records a round at a median of 3.6 minutes from the SEC filing, with the decision-maker attached.
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