Software-as-a-service (SaaS) platform Spendflo raised $11 million as part of its Series A led by Prosus Ventures and Accel. The startup will use the funding to expand its global footprint and strengthen its presence in North America.
The SaaS platform also intends to increase local hiring and on-the-ground activity in order to raise brand awareness in newer markets. The funds will also be used to expand the product line.
“As cost reduction becomes more important, Spendflo is emerging as the go-to, tailored solution for buying, managing, securing, and saving on SaaS from a single source.” “It fits like a glove for growth-hungry businesses and helps them unlock maximum ROI on their SaaS stack,” said Siddharth Sridharan, co-founder and CEO of Spendflo.
Dinesh Katiyar, partner at Accel, commented, “Spendflo has evolved from a SaaS purchasing solution into an all-in-one platform… Their consistent growth has demonstrated that they are the right team to tackle and solve this challenge.”
Spendflo operates an all-in-one enterprise technology platform that enables fast-growing businesses to purchase, negotiate, and renew SaaS products. It also assists clients in automating their entire procurement process by utilising its collaborative tool to avoid overpaying for a SaaS product for a single entity.
The startup counts big names such as Mindtickle, Hasura, Drip and Wodify as its customers.
Spendflo claims to have grown at an exponential rate since its inception. It currently serves customers in North America, Europe, Asia-Pacific, and the Middle East.
The startup claims to have grown 30% month on month (MoM) since the beginning of 2022 and to have multiplied its revenue 15X since then. It also claims to have increased its customer base by 5X and its team size by 4X since 2022.
