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CHENNAI:
Spendflo, a Software as a Service (SaaS) buying and management solutions provider, has raised $11 million in Series A funding in a round led by Prosus Ventures and Accel.
The funding round comes 10 months after its seed round, bringing the total funds raised to $15.4 million from investors including Prosus Ventures, Accel, Together Fund, Signal Peak Ventures and Boldcap Ventures.
The Chennai and US-based company aims to use the funds to fuel product growth and accelerate global expansion with a strong focus on furthering growth in the North American market. For this, the company plans to increase hiring of regional market leads and undertake more on-ground activity in the region.
Since its inception in 2021, Spendflo has established a global presence, serving customers across North America, Europe, APAC, and the Middle East. The company’s business has grown 30% month on month since the start of 2022, multiplying its revenue 15 times, growing its customer count by 5X and expanding the team size four-fold.
“As cost optimisation becomes a priority, Spendflo is becoming the go-to, tailor-made solution for buying, managing, securing and saving on SaaS from one place,” Siddharth Sridharan, co-founder and CEO, Spendflo, said.
“Outsourced SaaS procurement and management is emerging as a dominant area of interest for organisations, driven by a complex SaaS stack and need to rationalise cost base. We’ve tracked Spendflo’s journey since their initial days and are extremely impressed with the team and its pedigree, evolution of product platform and features, and a roster of marquee logos across the globe,” Ashutosh Sharma, head of investments, India, at Prosus Ventures, said.
Spendflo’s customers include high-growth businesses such as Mindtickle, Hasura, Drip, 4G Clinical and Wodify among others.
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