SaaS firm Vertice secures $26 M in a Series A round from 83North and Bessemer Venture Partners
Vertice, a London-based SaaS purchasing platform, revealed that it has raised $26 million (roughly €24.7 million) in a Series A round of funding led by 83North and Bessemer Venture Partners.
Businesses spend over $140 billion on SaaS each year, according to Gartner, with over 15,000 software vendors. According to the survey, organizations may overspend on SaaS by 20%.
“SaaS costs are rising at an extremely rapid rate. Companies everywhere are struggling to keep their budgets under control and manage their complex renewal schedules,”Eldar Tuvey, co-CEO and co-founder of Vertice.
Vertice was founded by brothers Roy and Eldar Tuvey, who have two decades of experience running enterprise SaaS companies. Their goal was to assist organizations in saving 20-30% on yearly software spending and expediting the purchasing process.
Since the second half of 2021, the SaaS startup has been operating in stealth mode, working closely with selected European organizations to stress-test their solution.