Software-as-a-service buying and management solution startup Spendflo Inc. today announced that it has raised $11 million in new funding to fuel product growth and accelerate global expansion with a strong focus on expanding in North America.
Founded in 2021, Spendflo offers an all-in-one platform to buy, manage and secure SaaS. Its Buying Hub streamlines the SaaS procurement process, while the company’s Management Hub provides visibility into SaaS usage and spending. Security is not ignored, with its Security Hub facilitating collaboration and the fast-tracking of buying cycles.
Spendflo argues that with SaaS becoming an integral part of mainstream operations, fast-growing businesses need access to a platform that ensures both spending and the tech stack are continuously optimized to unlock maximum return on investment on SaaS investments.
The company serves customers across North America, Europe, Asia-Pacific and the Middle East. Spendflo has grown 30% month on month since the start of 2022, multiplying its revenue 15 times, growing its customer count by five times and expanding the team size fourfold. It didn’t reveal absolute numbers. Notable customers include Mindtickle Inc., Hasura Inc., Drip Inc., 4G Clinical LLC and Wodify Technologies Inc.
“In the wake of a financial market downturn, the company’s capital-efficient business model has proven compatible with fast-growing businesses looking for ways to push through and shift strategies from growth-at-all cost to profitability-first growth,” Rajiv Ramanan, co-founder and chief revenue officer of Spendflo, said in a statement. “Spendflo supports the optimization of everything from a company’s cloud software expenses to financial metrics that matter today, including gross margins, runway, and burn rate.”
The Series A round was led by Prosus Ventures Management B.V. and Accel Partners Management LLC. The new funding comes 10 months after Speedflo’s seed round, bringing the total funds raised to $15.4 million. Other investors include Together Labs Inc., Signal Peak Ventures LLC and Boldcap Ventures L.P.