Vertice, a London-based tech-enabled SaaS purchasing solution, announced on Thursday that it has secured $26M in a Series A funding round led by 83North and Bessemer Venture Partners.
Angel investors, including Juan Lobato (founder and co-CEO at Ebury), Omri Dahan (former CRO at Marqeta), Ronni Zehavi (co-founder and CEO at Hibob), Tom Ryan (co-founder and CEO at Pluto TV), Yuval Tal (former founder and CEO at Payoneer)and Bastian Nominacher (co-CEO and co-founder at Celonis).
How will the funding be used?
The funds will enable Vertice to accelerate its global growth revenue, expand engineering and commercial teams, and develop the platform.
“SaaS costs are rising at an extremely rapid rate, and companies everywhere are struggling to keep their budgets under control and manage their complex renewal schedules,” says Eldar Tuvey, Vertice co-CEO, and co-founder. “We have engineered Vertice to radically simplify SaaS purchasing, eliminating wasted cycles and freeing up finance teams to focus on core areas of the business.”
B2B SaaS purchasing platform
Founded by Roy and Eldar Tuvey, Vertice is designed to help businesses intelligently reduce their annual software spend by 20-30% and streamline the purchasing process.
The Tuvey brothers have two decades of experience running enterprise SaaS companies – ScanSafe and Wandera, which exited for $200M (Cisco) and $400M (JAMF).
Tuveys established Vertice to improve the process of purchasing SaaS products through their deep market knowledge and first-hand experience.
The solution is designed for finance, IT, and procurement teams.
Vertice has been operating in stealth mode since H2 2021, working closely with a group of selected European organisations to stress-test its solution.
Vertice is headquartered in London and maintains a presence throughout Europe and North America.
Based out of London, 83North is a VC firm with more than $1.8B under management. The firm invests across all stages of consumer and enterprise companies. The company recently invested in payments infrastructure platform Paddle, robotic software company Wandelbots and much more.
“Vertice is solving a significant pain point for companies by reducing the friction and costs associated with managing SaaS renewals. 83North has invested in many teams enabling process simplification and enhancement in the enterprise. Vertice is one of those special companies where the founders’ backgrounds and proven execution make it a very unique investment and we are delighted to be backing them again” says Laurel Bowden, partner at 83North.
Bessemer Venture Partners is a venture capital firm that funds consumer, enterprise, and healthcare startups.
“As a result of the proliferation of SaaS products, the customers of these SaaS vendors are not equipped to handle some of the novel challenges that arise,” said Adam Fisher, partner at Bessemer Venture Partners. “We are excited about backing Vertice as they work on behalf of SaaS customers in what we believe is a multi-billion market opportunity.”