Spendflo —which provides a SaaS buying and management platform—has raised $11 million in a Series A fundraising round led by Prosus Ventures and Accel.
The company plans to use the capital to speed up global expansion and fuel product growth. It aims to increase the size of its North American footprint by hiring employees and conducting on-ground marketing activities.
Investors, including Prosus Ventures, Accel, Together Fund, Signal Peak Ventures, and Boldcap Ventures, have invested Spendflo a total of $15.4 million.
According to Ashutosh Sharma, Head of Investments, India at Prosus Ventures, outsourced SaaS procurement and management is becoming a significant area of interest for organisations due to a complex SaaS stack and the need to rationalise cost bases.
“We’ve tracked Spendflo’s journey since their initial days and are extremely impressed with the team and its pedigree, the evolution of the product platform and features, and a roster of marquee logos across the globe. We are thrilled to partner with and support Spendflo in their ambition to become a global SaaS buying and management platform,” he said.
Spendflo is an all-in-one platform to buy, manage, and secure SaaS, and it was founded in 2021 by Siddharth Sridharan, Ajay Vardhan, and Rajiv Ramanan.
“Spendflo helps businesses at every stage of their SaaS buying and management journey while saving them countless hours and millions in both time and money, respectively. Their continuous upward growth has shown us they’re the right team to tackle and solve this challenge,” said Dinesh Katiyar, Partner at Accel.
Spendflo serves customers across North America, Europe, APAC, and the Middle East. Its customers include Mindtickle, Hasura, Drip, 4G Clinical, and Wodify.
Since the start of 2022, the company claims that it has grown 30% monthly, multiplied revenue by 15 times, increased the number of customers by 5X, and expanded the team by 4X.
“As cost optimisation becomes a priority, Spendflo is becoming the go-to, tailor-made 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 Spendflo’s co-founder and CEO Sidddharth Sridharan.