SaaS Platform Spendflo Raises $4.4 Million in Seed Funding
Spendflo intends to use the seed fund to double down on GTM and engineering efforts
SaaS buying and optimization platform for CFOs and finance leaders Spendflo announced that it has raised $4.4M in a seed funding round by Accel India and Together Fund. The funding round also saw participation from investors such as BoldCap and Signal Peak Ventures along with founders and operators from companies like Airbase, Zuora, Ivanti, CleverTap, Slintel, LamdaTest, Haptik, Wingify, and more.
Spendflo intends to use the seed fund to double down on GTM and engineering efforts. The company plans to accelerate its focus on hiring.
Spendflo was founded by Siddharth Sridharan, Ajay Vardhan, and Rajiv Ramanan in 2021 and is headquartered in San Francisco, California, USA. The SaaS market is a very rapidly scaling market.
According to MarketStudyReport, that global SaaS (software-as-a-service) market was worth $ 130.69 billion in 2021. This number is expected to grow to over $151 billion by the next year. However the growing industry has its issues. According to 2020 SaaS trends report, the average company wastes about $135,000 annually on SaaS tools they don't use. The co-founders of Spendflo identified the potential in this waste, which they estimate goes up to 30% of a company's average SaaS spend. Their startup offers companies buying, negotiation, renewal & tracking service for their SaaS subscriptions. Spendflo has companies like Airmeet, Crownpeak, LambdaTest, Urban Company, Wingify, Yellow.ai, in its clientele. It also aids companies centralise their SaaS contracts, gain visibility in spending, monitor usage, and provides assisted purchasing. It guarantees savings with benchmarking data unique to Spendflo.
Over the last six months, Spendflo has already managed millions in SaaS spends and saved 23% for its customers on average. The startup has customers worldwide, including fast-growing companies like Airmeet, Crownpeak, LambdaTest, Urban Company, Wingify, and Yellow.ai.
In a statement, Dinesh Katiyar, Partner at Accel India, said, "Spendflo is committed to bringing back spending efficiency in SaaS without compromising business velocity. We're impressed by Spendflo's vision of how software purchasing can and should be in the future, and we are delighted to be part of their journey."
Manav Garg, Managing Director, Together Fund, added, "With the adoption of SaaS tools increasing rapidly across sectors, managing SaaS contracts is also becoming a major challenge for fast-growing companies. The team at Spendflo will simplify managing SaaS procurements (buying and renewing) and help save companies on their SaaS expenses. Spendflo helps turn SaaS procurements into a tactical driver of business growth. Together Fund is excited to back them and help them scale."