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Spendflo Raises $11 Million in Series A Round

The platform's latest fundraise will help to expand its services in the US and develop its three product hubs around buying, managing and securing its client's apps

Spendflo Raises $11 Million in Series A Round
POSTED ON April 05, 2023 10:57 AM

Spendflo, a company that helps businesses manage their SaaS contracts, has raised $11 million in its latest funding round, taking its total investment in the past 12 months to $15.4 million. Spendflo offers a single view of all a company's apps, enabling them to see how much they're paying for each subscription and what they're getting out of it. It also offers savings on new and existing subscriptions.

"As the number of apps companies use continues to increase, Spendflo's offering becomes increasingly valuable. Some businesses now spend tens or even hundreds of millions of dollars each year on SaaS solutions, making it crucial to manage and control that spending, especially given the economic headwinds that companies face. Good finance leaders are always looking for solutions that help them save money and operate efficiently," said Siddharth Sridharan, co-founder and chief executive officer (CEO) of Spendflo.

Spendflo claims that its revenues has increased 15-fold since the start of 2022 and customer numbers have grown by a multiple of five. The company plans to use its latest funding to double down on its activities in the US market, where North America appears to be a particular sweet spot.

Spendflo also plans to expand its product offering by developing a platform with three hubs: the buying hub, which streamlines the SaaS procurement process; the management hub, which provides visibility into SaaS usage and spending; and the security hub, which makes it easier for businesses to ensure apps comply with their cybersecurity systems.

Rajiv Ramanan, co-founder and chief revenue officer (CRO) of Spendflo, warns that companies can lose sight of their SaaS spending because individual contracts tend to be small, and therefore fly beneath the radar. It is only when organisations start to look at their aggregate SaaS spending that they realise the scale of their exposure. Spendflo's backers believe it can help companies to make the shift towards seeing software as a direct spend that is properly and closely managed.

The Series A round of funding is led by Prosus Ventures and Accel, and other investors include Together Fund, Signal Peak Ventures, and Boldcap Ventures. Spendflo has evolved from a SaaS buying solution into an all-in-one platform, says Dinesh Katiyar, an Accel partner. The company helps businesses at every stage of their SaaS buying and management journeys, while saving them countless hours and millions in both time and money respectively, he added.

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