Spendflo raises $11 million Series A co-led by Prosus Ventures

Spendflo raises $11 million Series A led by Prosus Ventures and Accel to Bolster all-in-one SaaS Buying and Management Solution

●      The company plans to accelerate global expansion, multiplying its revenue 15x in the past year.

●      This round enables the growth into an all-in-one SaaS buying and Management solution.

San Francisco, California, April 4, 2023 - Spendflo, an all-in-one SaaS buying and management solution, today announced the completion of an $11M Series A fundraising round led by Prosus Ventures and Accel. It comes just ten 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. This round allows the company to fuel product growth and accelerate global expansion with a strong focus on furthering development in the North American market.

The company has experienced a hockey-stick growth trajectory since its inception and established a solid global presence, serving customers across North America, Europe, APAC, and the Middle East. Spendflo 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 fourfold.

Spendflo plans to broaden its North American footprint by hiring regional market leads and deploying on-ground activity to increase awareness and Spendflo usage as part of the company's growth efforts.

“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. It fits like a glove for growth-hungry businesses and helps them unlock maximum ROI on their SaaS stack,” says Siddharth Sridharan, Co-Founder and CEO of Spendflo.

“In the wake of a financial market downturn, the company’s capital-efficient business model has proven compatible with fast-growing businesses looking for ways to push through and shift strategies from growth-at-all cost to profitability-first growth. Spendflo supports optimising everything from a company's cloud software expenses to financial metrics that matter today, including gross margins, runway, and burn rate,” adds Rajiv Ramanan, CO-Founder and CRO of Spendflo.

“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. We are extremely impressed with the team and its pedigree, product platform and features evolution, and roster of marquee logos globally. We are confident in their ability to become a ‘single source of truth’ for SaaS customers by offering value-added features around infosec compliance, cloud cost optimisation and cybersecurity. We are thrilled to partner and support Spendflo in their ambition to become a global SaaS buying and management platform,” says Ashutosh Sharma, Head of Investments, India at Prosus Ventures.

Dinesh Katiyar, Partner at Accel, said, “Spendflo has evolved from a SaaS buying solution into an all-in-one platform. Today they help businesses at every stage of their SaaS buying and management journey while saving them countless hours and millions of time and money. Their continuous upward growth has shown us they’re the right team to tackle and solve this challenge.”

The company’s growing customer base consists of marquee brands and fast-growing unicorns. Since the last funding round, Spendflo has helped many modern high-growth businesses, including Mindtickle, Hasura, Drip, 4G Clinical, and Wodify, save up to 26% of their annual SaaS expenses with their solution. 

Originating as a SaaS buying point solution to save costs, Spendflo is now an all-in-one platform to buy, manage and secure SaaS. Spendflo's Buying Hub streamlines the SaaS procurement process, while the Management Hub provides visibility into SaaS usage and spending. In addition, the Security Hub facilitates collaboration and fast-tracks buying cycles. 

With SaaS becoming an integral part of mainstream operations, fast-growing businesses have access to a platform that optimises spending and stack to unlock maximum ROI on SaaS investments. 

For additional information, please visit www.spendflo.com.


About Spendflo

Spendflo is an all-in-one SaaS buying and management solution. Founded in 2021 by Siddharth Sridharan, Ajay Vardhan, and Rajiv Ramanan, the company is backed by Accel, Prosus, and Together funds. Spendflo’s customers include Mindtickle, Hasura, Drip, 4G Clinical, and Wodify. For more information, contact [email protected]

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About Prosus:

Prosus is a global consumer internet group and one of the largest technology investors in the world. Operating and investing globally in markets with long-term growth potential, Prosus builds leading consumer internet companies that empower people and enrich communities.

The group is focused on building meaningful businesses in the online classifieds, food delivery, payments and fintech, and education technology sectors in markets including India and Brazil. Through its ventures team, Prosus invests in areas including health, logistics, blockchain, and social commerce. Prosus actively seeks new opportunities to partner with exceptional entrepreneurs who are using technology to improve people’s everyday lives.

Every day, billions of customers use the products and services of companies that Prosus has invested in, acquired or built, including 99minutos,  Airmeet, Aruna, AutoTrader, Autovit.ro, Azos, BandLab, Bibit, Bilt, Biome Makers, Borneo, Brainly, BUX, BYJU'S, Bykea, Captain Fresh, Codecademy, Collective Benefits, Creditas, DappRadar, DeHaat, Detect Technologies, dott, EduMe, ElasticRun, eMAG, Endowus, Eruditus, EVERY, Facily, Flink, Foodics, Good Glamm Group, GoodHabitz, GoStudent, Honor, iFood, Imovirtual, IndiGG, Klar, Kovi, LazyPay, letgo, Luno, Mensa Brands, Meesho, merXu, Movile, Oda, OLX, Otodom, OTOMOTO, Oxford Ionics, PaySense, PayU, Pharmeasy, Platzi, Property24, Quick Ride, Red Dot Payment, Republic, Sharebite, Shipper, ShopUp, SoloLearn, SpotDraft, Stack Overflow, Standvirtual, Spendflow, Superside, Swiggy, Thndr, Tonik, Ula, Urban Company, Vegrow, Virgio, watchTowr, and Wayflyer.

Hundreds of millions of people have made the platforms of Prosus’s associates a part of their daily lives. For listed companies where we have an interest, please see: Tencent, Delivery Hero, Remitly, Trip.com, Udemy, Skillsoft, and SimilarWeb.

Today, Prosus companies and associates help improve the lives of more than two billion people around the world.

Prosus has a primary listing on Euronext Amsterdam (AEX:PRX) and secondary listings on the Johannesburg Stock Exchange (XJSE:PRX) and a2X Markets (PRX.AJ). Prosus is majority-owned by Naspers.

For more information, please visit www.prosus.com.

About Prosus

Prosus is a global consumer internet group and one of the largest technology investors in the world. Operating and investing globally in markets with long-term growth potential, Prosus builds leading consumer internet companies that empower people and enrich communities.

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