SaaS platform Spendflo secures $11 million in Series A funding led by Prosus Ventures and Accel
- ByStartupStory | April 5, 2023
Spendflo, a platform for software as a service (SaaS), has raised $11 million as part of its Series A funding round, which was organised by Prosus Ventures and Accel.
The startup will use the money to strengthen its position in North America and broaden its reach internationally. The SaaS platform also intends to increase local hiring and support offline activity to boost brand recognition in more recent markets. The money will also be used to support product expansion.
“As cost optimisation becomes a priority, Spendflo is becoming the go-to, tailor-made solution for buying, managing, securing, and saving on SaaS from one place. It fits like a glove for growth-hungry businesses and helps them unlock maximum ROI on their SaaS stack,” said Spendflo’s co-founder and CEO Sidddharth Sridharan.
Chiming in, Dinesh Katiyar, partner at Accel, said, “Spendflo has evolved from a SaaS buying solution into an all-in-one platform… Their continuous upward growth has shown us they’re the right team to tackle and solve this challenge.”
Spendflo is a company that Siddharth Sridharan, Ajay Vardhan, and Rajiv Ramanan founded in 2021. The platform enables high-growth businesses to purchase, negotiate, and renew SaaS products. By utilising its collaborative tool, it also assists clients in automating their entire procurement process, helping them avoid overpurchasing a SaaS product for a single entity.
The enterprisetech platform previously raised $4.4 Mn in a seed funding round that was co-led by Accel India and Together Fund. With this, the startup has successfully raised $15.4 Mn in total. The startup received pre-seed funding through Accel’s Atom programme, and it also raised $250K from this source.
The startup’s clients include well-known brands like Mindtickle, Hasura, Drip, and Wodify.
Spendflo claims to have grown exponentially since its inception. Presently, it serves clients from all over the world, including those in North America, Europe, Asia-Pacific, and the Middle East.
The startup asserts that since the start of 2022, growth has been 30% month-over-month (MoM), and that this growth has resulted in a 15X increase in revenue. Additionally, it asserts that since 2022, the number of its customers has increased by 5X and the size of its team by 4X.
The fundraising takes place at a time when the Indian startup ecosystem’s overall outlook seems bleak. This has also affected domestic enterprisetech, which until now was preferred by international businesses due to its lower cost.
Many businesses worldwide have reduced their SaaS spending as the funding crunch worsens, which has had an effect on the Indian enterprisetech players.
As a result, the slowdown in funding has also affected the SaaS industry. Despite obstacles, the Indian enterprisetech market placed third in the first quarter of 2023 for funding, raising 194 Mn across 41 deals.
Mystifly, a B2B SaaS startup, received $8 Mn from Cornerstone Venture Partners Fund as part of its pre-Series B funding round last month. Prior to that, the logistics SaaS platform Pidge received $3 M in its Pre-Series A funding round, and the healthtech SaaS startup HealthPlix received $22 M in a mix of equity and debt funding.
Calling all entrepreneurs, investors and business owners! The wait is finally over. The 2nd edition of Startup Story B2B Connect is back with a bang – and this time, we’re taking it up a notch. With more startups, more investors and bigger opportunities than ever before, this is your chance to connect, collaborate and take your business to the next level. Get ready for an unforgettable networking experience that’s set to change the game. Stay tuned for all the exciting updates! Register Now Here.
Follow Startup Story
Related Posts
