London, United Kingdom-based the world’s only integrated SaaS and cloud spend management platform, Vertice raised USD 25 million Series B. The company announced the fundraiser on January 17, 2023.
83North and Bessemer Venture Partners provided the company with USD 25 million in additional funding. Since January 2022, the total funding raised by the company amounts to USD 51 million.
Purpose of financing for Vertice
With the latest financing, Vertice seeks to further fuel its pace of product innovation. It also has plans to accelerate its worldwide expansion.
Vertice also aims to create over 150 new positions globally and will be further investing in its platform.
What the company’s official has to comment
Roy Tuvey, founder and CEO at Vertice said, “Two years ago we had passion, funding and a clear product vision, but no proof that Vertice would be this kind of success story. Since then, it has been incredibly validating to see such a tight product-market fit, with customers achieving cost savings that are flowing directly to their bottom lines. This next chapter will be about scaling into a business with a break-out trajectory and I have total conviction we will do so. Our name comes from being in our customers’ corner and we are resolute in helping them operate more efficiently through the headwinds in the global economy.”
What does the lead investor have to comment
Laurel Bowden, partner at 83North further said, “Vertice has a powerful combination of a tenacious team, fast execution and a huge market with strong structural tailwinds. Companies of all sizes are feeling the pain of wasted spend and Vertice is uniquely positioned to address the changing needs of CFOs. As a result, Vertice has quickly become the go-to platform for companies looking to get lean and extend their runways.”
In addition, Adam Fisher, partner at Bessemer said, “Vertice’s trajectory has been incredible, not just from a sales perspective but also in terms of its exceptional product development. Building genuinely innovative solutions that solve strategic pain points for enterprises is something that sets Vertice apart. We believe this is a recipe for sustained long-term and defensible success.”
About the company
Roy Tuvey is the CEO of the company launched in 2022. Vertice is the world’s first platform for SaaS + Cloud spend optimization. Vertice confirmed its leadership position in the category with the release of a number of product modules. Its products make it easier for enterprises to visualize and control spending. It launched its Cloud Cost Optimization offering, making Vertice the only platform globally that tackles both SaaS and cloud aspending and rolled out detailed spending breakdowns and procurement workflows.
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