We raised $11 million in series A. By the way, we also raised the bar.
Spendflo was founded in 2021 from personal experience. I was running business operations at an electric vehicle charging company in California. Every quarter, my CFO would complain to me that we were spending too much on SaaS. But I didn’t know who owned the contracts or how we were using the tools. I got so fed up and realized I couldn’t be the only one with this problem.
High-growth businesses use over 150+ SaaS tools, spending over $2 million in subscriptions and 900 hours buying and managing them. In fact, these 900 hours include the time of seven different department heads as well. Despite all that, as much as 30% of SaaS and cloud investments are wasted.
All this is because businesses don't have a simple way to:
- Centralize their intake and approval workflows
- Access benchmark pricing data to negotiate effectively
- Automate third-party risk assessment
- Understand real-time spend, usage and sentiment
The market need was clear: One solution that encompasses the entire SaaS buying journey. So, we built it.
Spendflo today is an all-in-one platform to buy, manage and secure SaaS. The market need is validated in that we’ve grown 30% month-on-month, 5x in customer count across four continents, 15x in revenue and 4x in team size. We’ve delivered over $20M in savings for our customers.
Today, I’m delighted to announce another milestone. Spendflo has raised a $11 million Series A from Prosus Ventures and Accel to further power product growth.
As the market slows down and purse strings tighten, the all-in-one Spendflo platform is uniquely positioned to give CFOs everything they need to optimize their SaaS spends without affecting productivity and efficiency.
Here’s what the Spendflo platform looks like today.
The Buying Hub will reduce procurement time by centralizing intake, approval workflows, contract management, and streamlining internal collaboration. The self-serve platform — with assisted purchasing — will automate the right things for speed and keep a buyer-in-the-loop for ensuring savings.
The Management Hub will uncomplicate SaaS management with real-time insights into the SaaS stack. The sentiment hub and usage insights will effectively prevent paying for tools that your teams don’t like or use. Combined with spend insights, customers will have everything they need for data-backed renewals.
The Security Hub will accelerate vendor onboarding via automated security questionnaires, creating a truly all-in-one solution system-of-record for SaaS data.
With this, we’ve also raised the bar. Every other alternative on the market is a point-solution, fragmenting the workflow, resulting in three times the cost, effort and resources involved for a business to tackle one problem.
Spendflo remains the truly complete solution that helps modern businesses buy, manage and secure SaaS on autopilot.
I must thank every SaaS vendor who allowed us to remain a bridge between them and their customers. A huge thank you to each one of our customers, who not only entrust us with millions of dollars of SaaS spend management, but also remain our champions in the market. And a big warm hug to the whole team — including various partners — who rolled up their sleeves and built Spendflo as it stands today.
And thank you to Prosus Ventures, Accel, Together Fund, Signal Peak Ventures and Boldcap Ventures, for powering the next stage in what we aspire to be ambitious growth.
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