SaaS buying platform Spendflo raises $4.4 mn in seed funding from Accel and Together

• ByStartupStory     |    June 14, 2022

Spendflo, a SaaS buying and optimization platform that helps CFOs and finance leaders procure, manage, and save money on SaaS expenses, announced today that it has raised $4.4 million in a seed funding round led by Accel India and Together Fund. Investors such as BoldCap and Signal Peak Ventures joined the round, as did founders and operators from companies such as Airbase, Zuora, Ivanti, CleverTap, Slintel, LamdaTest, Haptik, Wingify, and others. Spendflo plans to use the seed fund to increase its GTM and engineering efforts. The company intends to hire carefully, maintain its growth momentum, and accelerate efforts to make SaaS purchasing simple. 

Spendflo’s founding team has extensive experience in the SaaS industry. Spendflo’s Founder and CEO, Siddharth Sridharan, was an early employee at Volta Charging. Spendflo was a member of Accel’s first Atoms cohort, which provided pre-seed startups with $250,000 in non-dilutive capital, mentorship from established founders and entrepreneurs, and a community to help them grow.

Accel India Partner Dinesh Katiyar stated that Pay-per-use SaaS tools have been a boon to businesses all over the world. They’re all gravitating toward vendors who provide these tools. This mass migration to SaaS, however, has created a new challenge. Instead of centralised procurement workflows, each business function now purchases what they require. They overspend due to inefficient pricing strategies, underutilised tiers, and unused licences. Spendflo is dedicated to restoring spending efficiency while maintaining business velocity. Spendflo’s vision of how software purchasing can and should be in the future has impressed us, and we are excited to be a part of their journey.

Manav Garg, Managing Director of Together Fund said that with the rapid adoption of SaaS tools across industries, managing SaaS contracts is becoming a major challenge for fast-growing businesses. Spendflo’s team will simplify managing SaaS procurements and help businesses save money on SaaS expenses. Spendflo assists in transforming SaaS procurements into a strategic driver of business growth. Together Fund is thrilled to support them and assist them in scaling.

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