#London #United Kingdom #procurement #Vertice #Lakestar

Vertice Secures $50 Million in Series C Funding

Vertice, an innovative spend optimization platform, has successfully raised $50 million in Series C financing, led by prominent venture capital firm Lakestar. This latest round of funding significantly contributes to the company's total capital raised, surpassing $100 million. Alongside Lakestar, other investors contributing to this round include Perpetual Growth and CF Private Equity, along with existing stakeholders Bessemer Venture Partners and 83North.

The oversubscription of this round reflects Vertice's remarkable growth trajectory over the past 2.5 years, where it has managed to amplify its revenue by a striking 13 times while enhancing its customer base. The newly acquired funds will facilitate Vertice in advancing its goal of becoming the essential infrastructure for modern procurement teams globally. Plans for 2025 include the opening of several regional offices and a significant expansion of Vertice's engineering team, which will be tripling in size. This growth will enable the introduction of new automated capabilities and integrations designed to bolster visibility, streamline operational processes, reduce expenditures, and enhance decision-making for enterprise procurement and finance teams.

In today’s complex business environment, procurement teams often grapple with ambiguous approval processes, escalating prices, compliance challenges, and insufficient insights into optimal pricing. The current market offerings consist of fragmented solutions—ranging from procurement workflow enhancements to contract negotiation and SaaS spend optimization. Vertice stands apart as a leader in the procuretech space by integrating all these functionalities within a single, cohesive platform.

Vertice delivers customized procurement workflows embedded with artificial intelligence that offers real-time insights into spending optimization, risk management, and usage—all directly integrated into the workflow experience. This intelligence stems from the company’s extensive negotiation experience across $3.4 billion in SaaS and cloud expenditure on behalf of numerous enterprise clients, coupled with access to unrivaled benchmarking data on over 16,000 software vendors. As a result, Vertice has successfully reduced the duration of purchasing cycles by over half, significantly curtailed unauthorized spending, and lowered SaaS and cloud costs by up to 30%.

"We have crafted our unique advantage," expressed Roy Tuvey, Founder and CEO of Vertice. "After dedicating two years to fine-tuning our optimization strategies for SaaS and cloud spending, attaining product-market fit, and capturing market share from established competitors, we have succeeded in embedding all of our data and insights directly into the workflow experience. Now, any employee can quickly initiate a purchase transparently and at the best possible price, while procurement teams can tailor workflows to their specific needs and incorporate detailed approval processes."

The proposition from Vertice has been rapidly embraced by numerous finance and procurement leaders, including renowned organizations such as ASML, Euronext, Grant Thornton, and Santander. Over the past year, Vertice has seen substantial growth in its enterprise customer base across the United States, EMEA, and APAC, making it the only spend optimization platform with a distinctly significant presence in all three regions.

Stephen Day, Chief Product Officer at Kantar and member of Vertice's Advisory Board, provided insight on the importance of unified procurement processes: "The duality of procurement lies in its accessibility; any employee can engage in procurement processes, authorized or otherwise. Hence, maintaining control and visibility over every transaction is critical, yet the inherent fragmentation of data and processes complicates this aspect. By consolidating diverse data sources and processes within a single, user-friendly platform, tailored for both stakeholders and procurement leaders, Vertice addresses numerous existing challenges and capitalizes on a significant opportunity."

Georgia Watson, a Partner at Lakestar, remarked on Vertice's potential for continued success: "Vertice has consistently exhibited its capability to execute, innovate, and boost essential growth metrics year after year, all while scaling operations. We are confident in their position to become the unified platform of choice for contemporary procurement teams."

Founded by Roy and Eldar Tuvey, who possess two decades of experience in the enterprise SaaS sector, Vertice is on a path of significant evolution. The brothers previously founded companies such as ScanSafe and Wandera, which both saw successful exits—Cisco acquiring ScanSafe for $200 million and JAMF for $400 million.

About Vertice

Vertice functions as a spend optimization platform, assisting businesses in simplifying procurement workflows, gaining detailed control and visibility over expenditures, and achieving cost reductions of up to 30%. Managing $3.4 billion in spending worldwide, Vertice serves hundreds of enterprise customers across more than 30 countries, with headquarters located in London and additional offices in New York, Sydney, Brno, and Johannesburg. For further information, visit www.vertice.one.