Announcing our Series B funding – and where Vertice is going next
Roy Tuvey | JAN 17, 2024
3 min read
At Vertice, our mission is to put finance and procurement leaders in control of their SaaS and cloud spending. To that end, I’m excited to announce our latest round of funding, a $25 million Series B, that will help us reach our goal even faster.
When my brother and I founded Vertice, we wanted to help businesses tackle the urgent problem of soaring SaaS and cloud spend. We had passion, funding and a clear product vision, but no proof that Vertice would succeed.
Two years later, we’ve achieved a tremendous amount in a short period.
The Vertice team is now 150+ strong and growing fast in all directions. We support customers in 30 countries worldwide. And with the launch of our Cloud Cost Optimization product, we’re the world’s only SaaS and cloud spend management platform.
Series B funding round
Following a year of 7x ARR growth in 2023, 83North and Bessemer Venture Partners – who were the lead investors in Vertice’s Series A – have returned with $25 million in additional funding. This latest funding round increases our total available cash reserves to $40 million.
Our growth to date has been achieved with tremendous capital efficiency. This meant we were able to opt for a fundraise that would support our ambitious expansion plans, whilst staying true to Vertice’s ethos of responsible spending.
We have partnered with the teams at 83North and Bessemer for a long time and I’m thrilled that we will be continuing our partnership as we enter our next phase of growth.
Adam Fisher
Partner at Bessemer Venture Partners
Where we’re investing the capital
With this new round of funding, we’ll be accelerating our worldwide expansion and further fueling our pace of product innovation.
On the product side, we are focused on enhancing the Vertice platform to solve even more of our customers’ needs and help businesses work more effectively and efficiently. Since our last raise, we’ve launched our Cloud Cost Optimization product and rolled out detailed spending breakdowns and usage analytics, as well as procurement workflows to automate, track and audit the purchase of software.
Now, we are investing in providing even more cost saving solutions to finance leaders. This includes expanding functionality to help users better optimize their cloud and SaaS costs, while helping them to radically streamline their technology stack.
To support our ambitious growth plans and growing customer base, we will also be creating over 150 new positions in 2024 across the US, EMEA and APAC. Vertice has never been in a stronger position to provide value to finance teams and those seeking to build better businesses, and we’re excited to increase our pace.
If your business would like to save up to 25% on your SaaS and cloud spend, we’d love to help. You can see how we’ve helped companies like yours here.
And if you are looking for a career in one of the fastest growing technology companies, please visit our careers page.
Thank you to everyone for your support so far – we’re just getting started!
