LONDON, Jan. 17, 2024 /PRNewswire/ -- Vertice, the world's only integrated SaaS and cloud spend management platform, has today announced a $25 million Series B following a year of lightning fast revenue growth. The company has now raised a total of $51 million since January 2022, upping its valuation into the hundreds of millions. Vertice will use the capital to further fuel its pace of product innovation and accelerate its worldwide expansion.
83North and Bessemer Venture Partners, the lead investors in the company's Series A, have returned with $25 million in additional funding after seeing Vertice achieve 7x growth in ARR in 2023. Vertice's growth has been achieved with tremendous capital efficiency. Serial entrepreneurs Roy and Eldar Tuvey were able to opt for a fundraise that would support their ambitious expansion plans while staying true to the company's ethos of responsible spending. This latest funding round increases its total available cash reserves to $40 million.
In 2023, Vertice confirmed its leadership position in the category with the release of a number of product modules that make it easier for enterprises to visualize and control spending. It launched its Cloud Cost Optimization offering, making Vertice the only platform globally that tackles both SaaS and cloud spending, and rolled out detailed spending breakdowns and procurement workflows.
To support its ambitious growth plans and growing customer base, Vertice will create over 150 new positions globally and will be further investing in its platform.
Laurel Bowden, partner at 83North said "Vertice has a powerful combination of a tenacious team, fast execution and a huge market with strong structural tailwinds. Companies of all sizes are feeling the pain of wasted spend and Vertice is uniquely positioned to address the changing needs of CFOs. As a result, Vertice has quickly become the go-to platform for companies looking to get lean and extend their runways."
Adam Fisher, partner at Bessemer added: "Vertice's trajectory has been incredible, not just from a sales perspective but also in terms of its exceptional product development. Building genuinely innovative solutions that solve strategic pain points for enterprises is something that sets Vertice apart. We believe this is a recipe for sustained long-term and defensible success."
Roy Tuvey, founder and CEO at Vertice said: "Two years ago we had passion, funding and a clear product vision, but no proof that Vertice would be this kind of success story. Since then, it has been incredibly validating to see such a tight product-market fit, with customers achieving cost savings that are flowing directly to their bottom lines. 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."
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