Vertice, the world’s sole integrated SaaS and cloud spend management platform, has raised £19.7m ($25m) in funding, following a year of substantial revenue growth. The company has now raised a total of £40m ($51m) since January 2022, which has significantly increased its valuation up into the hundreds of millions. Founded by serial entrepreneurs Roy and Eldar Tuvey, who have over two decades of experience running enterprise SaaS companies, Vertice plans to use the capital to further accelerate the pace of product innovation and its worldwide expansion.
To support its ambitious growth plans and expanding customer base, Vertice intends to create over 150 new positions in 2024 throughout the US, EMEA, and APAC. The lead investors in the company’s Series A round – 83North and Bessemer Venture Partners – returned with $25m in additional funding after seeing Vertice achieve 7x growth in ARR in 2023. The latest funding round has boosted its overall available cash reserves to $40m.
According to Roy Tuvey, Vertice’s CEO, “This next chapter will be about scaling into a business with a break-out trajectory, and I have total conviction we will do so.” In addition, Vertice aims to help its customers operate more efficiently through the headwinds in the global economy, further supporting its “in customers’ corners” moniker.
Laurel Bowden, a partner at 83North, affirms, “Vertice has quickly become the go-to platform for companies looking to get lean and extend their runways.” Similarly, Adam Fisher, partner at Bessemer, emphasizes how “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.”
As a consequence of this latest funding, Vertice has increased its management of over $1.1bn in software and cloud spend spanning every sector of the economy and over 30 countries.