Vertice secures $50 million to optimise enterprise spend

Vertice, a company focusing on spend optimisation, has secured $50 million in Series C funding, led by Lakestar, which increases its total funding to over $100 million.

The investment round, which also saw participation from Perpetual Growth, CF Private Equity, Bessemer Venture Partners, and 83North, aims to support the company's ambitions to enhance procurement processes for enterprises globally.

This funding will support Vertice's goals to establish new regional offices and enhance its product offerings by tripling its engineering team. The company plans to introduce new automated product capabilities and integrations aimed at aiding enterprise procurement and finance teams to gain better visibility, reduce costs, and optimise decision-making processes.

Procurement teams often face issues with unclear approval processes, compliance challenges, and opaque pricing. Vertice seeks to address these challenges by providing a unified platform, which consolidates procurement workflows, contract negotiation, benchmarking data, and SaaS spend optimisation into a single offering.

Roy Tuvey, Founder and CEO at Vertice, commented, "We created our own unfair advantage. After spending two years perfecting our SaaS and cloud spend optimisation, achieving product-market fit and taking market share from established players, we've brought all of our data and insights directly into the workflow experience. All employees can now initiate any purchase, quickly, transparently, and at the best price, while procurement can fully customise the workflows to their needs and embed granular approvals."

The platform has been widely adopted by finance and procurement leaders, including teams at ASML, Euronext, Grant Thornton, and Santander. Over the past year, Vertice has expanded its enterprise customer base across the United States, Europe, the Middle East, and Asia-Pacific, making it the only spend optimisation platform with substantial presence across all these regions.

Stephen Day, Chief Procurement Officer at Kantar and a member of Vertice's Advisory Board, stated, "The curse and the blessing of procurement is that it is the only business process that any employee could perform - with or without authorisation. Control and visibility of every purchase therefore becomes essential, but it can be painfully difficult when data and intelligence are disparate. Unifying these data sources and processes into a single platform that is built with the stakeholder experience in mind, as much as for procurement leaders, solves so many challenges - and is a huge opportunity for Vertice."

Georgia Watson, Partner at Lakestar, expressed confidence in the company's growth trajectory, saying, "Vertice has consistently demonstrated its ability to execute, innovate, and drive key growth metrics year after year, all at scale. We firmly believe there is no organisation better positioned to become the unified platform of choice for the modern procurement team."

Vertice was established by entrepreneurs Roy and Eldar Tuvey, who have extensive experience in running enterprise SaaS companies. Their previous ventures include founding ScanSafe and Wandera, which were acquired for $200 million by Cisco and $400 million by JAMF, respectively.