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In an exciting revelation, Vertice, a London-based SaaS purchasing platform, has emerged from stealth mode and proudly announced securing an impressive $26M (about €24.7M) in a Series A funding round, spearheaded by 83North and Bessemer Venture Partners.
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According to Gartner, businesses across the globe pour more than $140B yearly into SaaS, spread over 15,000 software vendors. Alarmingly, the report suggests that these companies might be overpaying by as much as 20% each year for SaaS services. This financial strain necessitates a remedy, and this is where Vertice steps in.
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Vertice seeks to address the arduous processes involved in purchasing, renewing, negotiating, and managing a company’s SaaS stack, particularly tailored to benefit finance, IT, and procurement teams.
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Founded by the experienced duo of Roy and Eldar Tuvey, who have decades of experience running enterprise SaaS companies, Vertice pledges to intelligently reduce annual software expenditure by 20-30%, streamlining the entire purchasing process.
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The Tuvey brothers boast previous successes with their ventures ScanSafe and Wandera, both of which achieved significant exits at $200M (Cisco) and $400M (JAMF), respectively.
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As a UK-based company, Vertice centers its efforts on improving SaaS product procurement, catering to the specific needs of finance, IT, and procurement teams.
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Having operated in stealth mode since the latter half of 2021, Vertice meticulously tested its solution in collaboration with select European organizations to ensure effectiveness.
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Vertice proudly boasts of an adept team spread across seven countries, with its headquarters nestled in London and a strong presence throughout Europe and North America.
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The recently acquired funding of $26M will play a vital role in accelerating Vertice’s growth and revenue. It will enable the expansion of teams in engineering and commercial departments and further development of their innovative platform.
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Eldar Tuvey, the co-CEO, and co-founder of Vertice, emphasizes the pressing issue of rapidly escalating SaaS costs. The company’s mission is to simplify SaaS purchasing, freeing up finance teams from unnecessary cycles and allowing them to concentrate on core business areas.
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83North, the London-based VC firm with a substantial $1.8B in assets under management, co-leads the funding round alongside Bessemer Venture Partners. As investors in European and Israeli entrepreneurs, 83North aligns perfectly with Vertice’s vision.
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Laurel Bowden, a partner at 83North, expresses enthusiasm for supporting Vertice, recognizing its potential in simplifying and enhancing the SaaS renewal process, making it an exceptional investment.
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Bessemer Venture Partners, a prominent venture capital firm, has an impressive track record, backing numerous consumer, enterprise, and healthcare startups.
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With $19B of capital under management and a portfolio including industry giants like Pinterest, Shopify, and LinkedIn, their faith in Vertice’s potential further reinforces the company’s significance in the market.
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Adam Fisher, a partner at Bessemer Venture Partners, believes that Vertice plays a crucial role in addressing the challenges faced by SaaS customers in this ever-growing market. The potential for success in this multi-billion-dollar market opportunity excites the team at Bessemer.
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In conclusion, Vertice’s emergence from stealth mode is indeed a significant event, promising to revolutionize the SaaS landscape. With its adept team, strategic funding, and visionary leadership, Vertice stands poised to tackle the challenges faced by businesses and make a lasting impact in the industry.