Having raised the latest round of capital after 10 months of its seed round, the 2021-founded firm has so far raised $15.4 million from investors, including Prosus Ventures, Accel, Together Fund, Signal Peak Ventures and Boldcap Ventures.
The new capital will help the company fuel product growth and accelerate global expansion with a strong focus on furthering growth in the North American market, it said in the statement.
Serving customers across North America, Europe, Asia Pacific and the Middle East regions, Spendflo said it has grown 30% month on month since the start of 2022, multiplying its revenue 15 times, growing its customer count by 5X, and expanding the team size fourfold.
Spendflo is now looking to broaden its North American footprint through the hiring of regional market leads and deploying on-ground activity that will result in greater awareness and Spendflo usage.
“As cost optimisation becomes a priority, Spendflo is becoming the go-to, tailormade 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,” Siddharth Sridharan, cofounder and CEO, Spendflo, said.
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Spendflo supports the optimisation of everything from a company’s cloud software expenses to financial metrics that matter today, including gross margins, runway, and burn rate, Rajiv Ramanan, co-founder and chief revenue officer, added.“Outsourced SaaS procurement and management is emerging as a dominant area of interest for organisations, driven by a complex SaaS stack and need to rationalise the cost base,” Ashutosh Sharma, head of investments, India, at Prosus Ventures, said.
Founded in 2021 by Sridharan, Ajay Vardhan and Ramanan, Spendflo serves a clientele that includes Mindtickle, Hasura, Drip, 4G Clinical and Wodify. Its ‘Buying Hub’ streamlines the SaaS procurement process; ‘Management Hub’ provides visibility into SaaS usage and spending; and ‘Security Hub’ facilitates collaboration and fast-tracks buying cycles.
