Spendflo, a San Francisco, CA-based company that helps organizations get a handle on the way they buy and manage their subscriptions, announced an $11 million Series A funding round led by Prosus Ventures and Accel, bringing the total raised to $15.4 million.
The new funds will be used for two purposes. First, Spendflo is hoping to double down on its activities in the US market; while the business is now making sales worldwide, North America appears to be a particular sweet spot, and the company is keen to expand its local presence in the market.
Objective number two is further product development. Spendflo is in the process of expanding its service around three hubs that clients will use to buy, manage and secure their apps.
“Good finance leaders are always looking for solutions that help them to save money and to operate efficiently,” says Siddharth Sridharan, co-founder and CEO of Spendflo. “But they have become more strategic than ever about SaaS spending over the past 12 months.”
The company’s latest fundraise will ensure this growth can be sustained, explains Sridharan. “We want to be the solution that scales with businesses as they increase their use of SaaS and as their spending expands.”
Spendflo is in the process of expanding its service around three hubs that clients will use to buy, manage and secure their apps.
The platform’s buying hub streamlines the SaaS procurement process; the management hub provides visibility into SaaS usage and spending, including a feature that allows users to rate each app; the security hub makes it easier for businesses to ensure apps comply with their cyber security systems, both when they are first adopted and on an ongoing basis.
Company: Spendflo, Inc.
Raised: $11.0M
Round: Series A
Funding Month: April 2023
Lead Investors: Prosus Ventures and Accel
Additional Investors: Together Fund, Signal Peak Ventures, and Boldcap Ventures
Company Website: https://www.spendflo.com/
Software Category: SaaS Buying and Management Solution
About the Company: Founded in 2021 by Siddharth Sridharan, Ajay Vardhan, and Rajiv Ramanan, Spendflo provides an all-in-one platform to buy, manage, and secure SaaS. Spendflo enables companies to focus on creating value for their customers while they provide them with considerable dollar savings. The company has increased 15-fold since the beginning of 2022, with customer numbers up by a multiple of five. Spendflo serves customers across North America, Europe, APAC, and the Middle East. Its customers include Mindtickle, Hasura, Drip, 4G Clinical, and Wodify.
Source: https://www.forbes.com/sites/davidprosser/2023/04/04/spendflo-unveils-11-million-series-a-round-as-the-saas-boom-continues/