London-based spend optimisation platform, Vertice, has successfully raised $50 million in a Series C funding round, bringing its total funding to over $100 million. The company, founded by Roy and Eldar Tuvey, aims to address procurement challenges through a unified platform that combines data-driven insights with customisable workflows. With its rapid revenue growth and expansion plans, Vertice is positioning itself as a key player in the enterprise software market.
How will Vertice utilise the newly raised funds?
The Series C funding round, led by Lakestar and supported by investors including Perpetual Growth, CF Private Equity, Bessemer Venture Partners, and 83North, will enable Vertice to expand its regional presence and engineering capabilities. Over the next year, the company plans to introduce new product features and integrations aimed at enhancing cost-efficiency and visibility for procurement and finance teams. Vertice’s revenue has reportedly grown 13 times over the past two years, underscoring its strong market traction.
What differentiates Vertice from existing procurement tools?
Procurement teams face challenges like compliance issues, inefficiencies in approval processes, and rising costs. Vertice’s platform addresses these by consolidating tools for contract negotiation, benchmarking, SaaS spend optimisation, and workflow management into a single interface. Leveraging insights from managing $3.4 billion in SaaS and cloud spending and data on over 16,000 vendors, Vertice claims its solutions can reduce purchasing cycles and cut costs by as much as 30%.
“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,” said Roy Tuvey, Co-founder and CEO of Vertice.
The platform has been adopted by major enterprise clients, including ASML, Euronext, and Santander, and has recently expanded its customer base across the US, EMEA, and APAC regions. Vertice also enables procurement teams to fully customise approval workflows while maintaining transparency and control over spending.
“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,” commented Stephen Day, CPO at Kantar and a member of Vertice’s Advisory Board.
In 2023, Vertice’s SaaS market approach was already recognised for its unique focus on integrating procurement workflows with spend optimisation. Unlike competitors that provide segmented solutions, Vertice’s platform continues to stand out by embedding actionable insights directly into procurement processes. This strategy has not only attracted enterprise clients but has also set industry benchmarks for unified procurement tools.
Lakestar, the lead investor in this round, is a prominent European venture capital firm known for supporting high-growth tech startups such as Revolut and Blockchain. Georgia Watson, a partner at Lakestar, expressed confidence in Vertice’s ability to build a unified procurement platform, highlighting its innovative approach and strong growth trajectory.
As procurement processes become increasingly complex, Vertice’s all-in-one platform aligns with the growing demand for streamlined, data-driven solutions. However, the company’s success will depend on its ability to sustain innovation, expand its customer base, and navigate competition in the global SaaS market. For businesses, leveraging streamlined procurement platforms like Vertice can lead to significant cost savings and process efficiency, especially in dynamic and budget-conscious industries. Vertice’s next steps, including new feature rollouts and regional expansions, will likely determine its impact on the procurement landscape in the coming years.
