In a significant development for the cloud technology sector, Vertice, a leading cloud spend management platform, has successfully raised $25 million (£19.7m) in Series B funding. This latest financial boost aims to augment its workforce and innovate further in cloud spend management. This move marks a substantial step in the company’s growth, particularly in the current global economic climate.
Following a monumental year of 7x ARR growth, we are incredibly proud to announce that we’ve raised a $25 million Series B. It was great to talk to @ingridlunden @TechCrunch about our exciting plans as we expand in our bid to help more businesses save on SaaS and cloud spend. https://t.co/HuLznqb5Tw
— Vertice (@verticeHQ) January 17, 2024
Vertice’s Journey
Founded in 2021, Vertice has swiftly become a pivotal player in the SaaS world. Its platform specializes in tracking and managing software and cloud expenditures for businesses. By analyzing a company’s SaaS spending, Vertice identifies strategies to reduce costs effectively. Since January 2022, the London-based company has impressively raised a total of $51 million, including the recent funding.
The Series B Funding
The Series B funding round, led by prominent investors 83North and Bessemer Venture Partners, exemplifies the growing confidence in Vertice’s vision and capabilities. The investors’ continued support, having also led the $26 million raise in January 2022, underscores their belief in Vertice’s potential to revolutionize cloud spend management.
Expansion and Hiring Plans
With the fresh capital, Vertice announced ambitious plans to hire over 150 new employees in 2024, spreading across the US, EMEA, and APAC regions. This expansion reflects the company’s commitment to strengthening its global presence and enhancing its platform to offer even greater value to customers.
Platform Innovation
Vertice’s platform is renowned for delivering significant cost savings, with customers reporting an average reduction of up to 25% in expenses. Investing in platform innovation remains a key focus for the company, ensuring that businesses can operate more efficiently, especially in challenging economic times.
CEO’s Vision for the Future
Roy Tuvey, the co-founder and CEO of Vertice, expressed his vision for the company’s future, saying, “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.”
Context in the UK Fintech Scene
This funding round is particularly noteworthy given the backdrop of a challenging year for UK fintech funding, which saw a decrease of at least 54% compared to 2022 levels, as reported by VC firm Atomico. Vertice’s success thus represents a bright spot in the UK’s fintech landscape.
Conclusion
Vertice’s remarkable achievement in securing $25M in Series B funding highlights its potential to make a substantial impact in the cloud spend management sector. With ambitious expansion plans and a commitment to platform innovation, Vertice is poised to offer enhanced efficiency and cost savings to businesses worldwide. As they embark on this new chapter, it will be interesting to see how their journey unfolds and influences the fintech industry. We encourage our readers to share their thoughts and insights on Vertice’s growth and its impact on cloud spend management. Join the conversation in the comments below!
