SaaS buying platform Spendflo raised $4.4 million in its seed funding round from Accel India and Together Fund.
Other investors including Signal Peak Ventures, BoldCap, Airbase, Zuora, Ivanti, CleverTap and Slintel also participated in this round.
The platform plans to use the funds to develop the technology infrastructure, hire talent across all verticals and grow the business. It will also infuse fresh capital to double down on its go-to-market strategy in the US because a large portion of its customers are based there.
In the last six months, it has achieved over 23% savings for customers on its SaaS product purchases.
Since its inception, the platform has been helping many fast-growing companies such as Airmeet, Crownpeak, Lambda Test and others with their SaaS procurement.
The company was previously part of the Accel Atoms Cohort, a program with $250,000 in funding to foster pre-seed startups with capital, mentorship from experienced entrepreneurs, and community support.
Spendflo was founded in 2021 by Siddarth Sridharan, Ajay Vardhan and Rajiv Ramanan, Its platform is vendor-agnostic and provides companies buying SaaS software the opportunity to centralize contracts, gain visibility into spending, handle upgrades, and receive guaranteed savings on their spending in purchasing SaaS software.
Founder and CEO Siddharth Sreedharan said the start-up is looking at a $23 billion market opportunity, with the oldest competitor – the US-based vendr – just 3.5 years in business.
Sreedharan also said that Spendflow will grow to manage SaaS’s $10 billion spend over the next three years, noting how rapidly the SaaS software market is growing globally and that each company needs a ballooning basket of SaaS tools each company has to pay for and operate.
“Instead of centralized procurement workflows, we now have each business function buying what they need. They overspend through unoptimized pricing plans, underutilized tiers and unused licences,” said Dinesh Katiyar, partner, Accel India.
Together Fund, believes Spendflo’s execution would help businesses grow faster: “The team at Spendflo would simplify managing SaaS procurements, and help save on their SaaS expenses,” said MD Manav Garg.
Companies waste up to 30% of their SaaS spend. The global SaaS market is massive (Gartner estimates it to be $151B+ by 2023). That equates to 40B+ in waste.
Spendflo offers the best buying, negotiation, renewal & tracking service for your SaaS subscriptions. They enable companies to focus on creating value for their customers while they provide them with considerable dollar savings.