The latest round of investment brings total capital raised to more than $100 million, led by Lakestar with participation from existing investors Bessemer Venture Partners and 83North.

Spend optimisation platform company Vertice has raised new funds to support the development of its platform and expansion of its customer base. The company announced today the completion of a $50 million in Series C funding led by pan-European venture capital firm Lakestar. 

Opaque approvals, rising prices, and compliance threats 

Stephen Day, CPO at Kantar and a member of Vertice’s Advisory Board, commented, “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 highlights the fact that procurement teams “struggle every day” with opaque approval processes, rising prices, compliance threats and a lack of clarity over best pricing. So far, according to Vertice, solutions to the problem have been “disparate and disconnected” — solutions that address individual pain points like procurement workflow builders, contract negotiation, benchmarking data and SaaS spend optimisation. 

In a survey conducted by Vertice in September of last year, 37% of respondents said that procurement wasn’t seen “as a strategic priority”, with 35% saying that their organisation wasn’t willing to invest in the necessary skills to tackle the issue.

“Control and visibility of every purchase therefore becomes essential, but it can be painfully difficult when data and intelligence is disparate,” adds Day. “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.”

Creating an “unfair advantage”

Vertice’s founders — entrepreneur brothers Roy and Eldar Tuvey — have two decades of experience running enterprise SaaS companies. 

The latest investment in Vertice brings the total raised to over $100 million. Additional participants include Perpetual Growth and CF Private Equity, alongside existing investors Bessemer Venture Partners and 83North.

Vertice has grown its revenue 13 times over during the past 2 years. The Series C investment will further accelerate Vertice’s mission to create the go-to unified backbone for modern procurement teams. In 2025, Vertice will open several new regional offices and drive product development by tripling its engineering team. New automated product capabilities and integrations will help enterprise procurement and finance teams improve visibility, streamline processes, reduce costs, and make better decisions. 

“We created our own unfair advantage,” commented Roy Tuvey, Founder and CEO at Vertice. “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.”

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