Vertice Secures $50m for ProcureTech Innovation
Spend optimisation platform Vertice recently celebrates a significant financial boost, securing US$50m in Series C funding, with Lakestar leading the charge.
To date, the innovative firm has successfully garnered over US$100m. This round also welcomed newcomers Perpetual Growth and CF Private Equity, alongside stalwarts Bessemer Venture Partners and 83North.
Founded by the industrious Tuvey brothers, Roy and Eldar, Vertice benefits from their extensive experience spanning two decades in enterprise SaaS companies.
They are notably recognised for their previous ventures, ScanSafe and Wandera, which were acquired by Cisco for US$200m and by JAMF for US$400m, respectively.
Empowering Procurement Teams
The success of this oversubscribed Series C round marks a notable milestone in Vertice's impressive two-and-a-half-year trajectory. Its customer base has grown exponentially, coupled with a remarkable thirteenfold revenue increase—all achieved with exceptional capital efficiency.
With the latest funding, Vertice is set to turbocharge its mission to become the indispensable unified backbone for modern procurement teams.
The company plans to open new regional offices and significantly expand its product development by tripling its engineering team.
New automated product capabilities and integrations are on the horizon, promising enterprise procurement and finance teams enhanced visibility, streamlined processes, cost reductions, and improved decision-making capabilities.
Roy Tuvey, Vertice Founder and CEO, states: "We created our own unfair advantage."
He elaborates on the company's journey: "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."
As procurement encounters daily challenges—from opaque approval processes and rising costs to compliance threats and unclear pricing—the market often offers disjointed solutions.
Vertice, however, has already secured a recognised leadership position in procuretech, presenting a unified platform with customisable procurement workflows. These incorporate AI-driven insights for spend optimisation and risk management directly within the workflows.
Procurement Insight and Expertise
These insights draw from Vertice's negotiation experience across US$3.4bn of SaaS and cloud spend on behalf of hundreds of global enterprise customers.
The data and insights derived from 16,000+ software vendors are unrivalled, allowing Vertice workflows to slash purchasing cycles, curb uncontrolled spending, and cut SaaS and cloud costs by up to 30%.
Stephen Day, CPO at Kantar and a member of Vertice's Advisory Board, shares his insights: "The curse and the blessing of procurement is that it is the only business process that any employee could perform—with or without authorisation."
He notes the crucial need for "Control and visibility of every purchase," which, he argues, becomes pivotal yet challenging when the data and intelligence provided are scattered.
Lakestar, a leading pan-European venture capital firm, has an unwavering faith in Vertice.
Georgia Watson, a Partner at Lakestar, concludes: "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."
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