As per industry research, over $200 billion and 3.9 billion working hours will be wasted on software buying in 2023. In addition to this, data from Sastrify states that a typical company overspends by over 30% on their SaaS costs and wastes more than 400 hours per year on managing their SaaS contracts.
Sastrify, a German digital procurement platform, helps companies get the best deals when buying and renewing SaaS subscriptions.
Scale up plans to the US and Europe
Now, Sastrify has snapped $32 million in Series B funding. The investment round was led by a European VC Endeit Capital that invested in Happeo and Sharpist, with participation from Simon Capital and previous investors HV Capital, FirstMark Capital, and TriplePoint Capital.
The company will use the additional funds to scale the global team focused on the US and Europe and further accelerate product development to support mid-market and enterprise customers. Already, it serves US customers such as Capchase, a non-dilutive financing provider to SaaS companies.
This investment round coincides with Sastrify’s expansion of its core product offerings to provide automated Usage Analytics. Also, it coincides with the launch of the Sastrify Marketplace, which includes flexible payment and financing options. Besides this, Sastrify and Capchase recently announced a partnership to provide flexible financing for SaaS licenses.
“We’ve built a platform that enables procurement, finance, and IT teams to fully optimize all aspects of their software procurement,” said Sastrify CEO and co-founder Sven Lackinger. “Our hundreds of customers around the world have validated our platform as the comprehensive SaaS procurement solution. We’re positioned to grow our team, and continue to work with companies to focus and accelerate their efforts to reduce their risk, save hours per week, and save up to seven figures on their SaaS costs.”
“As a result of the rise of SaaS Solutions, accelerated Digital Transformation due to Covid and the current global economic climate, scalable SaaS management has become table stakes for running a successful company. We believe Sastrify’s platform is very well positioned to capitalize on this trend,” said Philipp Schroeder, partner at Endeit Capital,” said Philipp Schroeder, partner at Endeit Capital.
“FirstMark invests in companies like Airbnb, Pinterest, and Shopify that can transform massive markets with technology. Sastrify’s accelerated growth and compelling product/market fit with global customers has cemented our belief in the company’s position to be the #1 global SaaS procurement solution,” said Adam Nelson, Managing Director, FirstMark.
“Most grown-up and mature companies are just at the beginning of their SaaS adoption curve. At the same time, they are facing an increasingly complex SaaS landscape that won’t make their procurement lives any easier. We believe that Sastrify’s platform can effectively empower these enterprises to cope with this new complexity,“ commented Jan Leicht, partner at Simon Capital.
A digital platform to manage SaaS subscriptions
Founded in 2020 by serial entrepreneurs Maximilian Messing and Sven Lackinger, Sastrify helps companies get the best deals when buying and renewing SaaS subscriptions. The Sastrify platform allows users to centralise, visualise, and automate their entire SaaS procurement journey. It powers SaaS procurement for fast-growing companies like sennder, Pleo, and others. The platform helps businesses to optimise their SaaS usage, reduce costs, and streamline their SaaS procurement process.
Sastrify provides a centralised dashboard that allows businesses to view all their SaaS subscriptions in one place, track usage, and manage renewals. The platform also provides insights into SaaS spend and usage patterns, enabling businesses to identify areas for cost savings and optimisation. In addition, Sastrify offers a SaaS procurement service that helps businesses to find and evaluate new SaaS solutions, negotiate contracts, and manage vendor relationships.