Spend optimisation platform Vertice has announced a $50 million Series C funding round, led by Lakestar, bringing its total funding to over $100 million. The oversubscribed round included new participants Perpetual Growth and CF Private Equity, alongside existing investors Bessemer Venture Partners and 83North.
Founded just 2.5 years ago, Vertice has grown rapidly, scaling its revenue 13-fold over the past two years while expanding its global customer base. The company plans to use the funds to accelerate product development, triple its engineering team, and open regional offices in 2025. The goal is to solidify Vertice’s position as the go-to platform for modern procurement teams by enhancing its automated capabilities and integrations.
Unified Solution for Procurement Challenges
Procurement teams face challenges such as opaque approval processes, rising costs, compliance risks, and a lack of pricing transparency. Vertice has emerged as a leader in procuretech by offering a unified platform that consolidates disparate solutions like procurement workflows, contract negotiation, benchmarking data, and SaaS spend optimisation.
The platform provides customisable procurement workflows integrated with AI-driven insights on spend optimisation, risk management, and usage. Leveraging data from $3.4 billion in SaaS and cloud negotiations and a database of over 16,000 software vendors, Vertice helps enterprises reduce SaaS and cloud costs by up to 30%, shorten purchasing cycles, and curtail unauthorised spending.
Roy Tuvey, Founder and CEO of Vertice, commented, “We’ve perfected our SaaS and cloud spend optimisation, achieving product-market fit and capturing market share. Now, by integrating all our insights into a seamless workflow experience, we empower every employee to make purchases efficiently and at the best price while giving procurement teams full control.”
Global Adoption and Expansion
Vertice’s approach has been embraced by enterprises worldwide, with notable customers including ASML, Euronext, Grant Thornton, and Santander. Over the past year, the platform has expanded its customer base across the US, EMEA, and APAC, making it the only spend optimisation platform with a significant presence in all three regions.
Stephen Day, Chief Procurement Officer at Kantar and an Advisory Board member for Vertice, highlighted the platform’s value: “Procurement is the one business process any employee might undertake, authorised or not. Achieving control and visibility over purchases is crucial but often difficult. Vertice’s unified platform, designed for stakeholders and procurement leaders alike, addresses these challenges and represents a significant opportunity.”
Georgia Watson, Partner at Lakestar, praised Vertice’s achievements: “Vertice consistently demonstrates its ability to innovate and execute at scale. We believe it is uniquely positioned to become the platform of choice for modern procurement teams.”
A Track Record of Success
Founded by brothers Roy and Eldar Tuvey, serial entrepreneurs with a history of successful enterprise SaaS ventures, Vertice builds on their experience leading ScanSafe and Wandera, which were sold for $200 million and $400 million respectively.
With its latest funding and ambitious growth plans, Vertice is poised to transform procurement processes for organisations globally.