Spendflo raises $4.4M to reinstate the modern SaaS buyer back in the driver’s seat

The current way of SaaS buying is Broken. 

You are overpaying for SaaS and you don’t know it. There are multiple bottlenecks in the current way high-growth businesses procure SaaS. 

These bottlenecks are both internal and external. Inability to deal with these challenges make the SaaS buyer overpay for SaaS.

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The SaaS buyer is playing defense when it comes to SaaS Buying and Optimization.

A fast-growing company plays offense on all its functions,--- sales, marketing, engineering, and customer success. These functions have streamlined processes, complete transparency, and a robust playbook. 

However, when it comes to SaaS buying and Optimization, most companies are caught off guard. They show up to their renewal and procurement conversations on the defense and overpay for their SaaS.

Despite SaaS penetration increasing in every organization and empowering more functions each day, businesses still struggle to optimize their SaaS procurement.

The current SaaS buying process is cluttered with multiple key decision-makers and innumerable contracts scattered across never-ending mail trails. Some of the major bottlenecks include opaque vendor pricing, recurring high-volume contracts, and a lack of resources to negotiate with numerous vendors efficiently. 

These bottlenecks have forced businesses to treat SaaS Procurement and Optimization as an everyday fire-fighting activity instead of a tactical driver of business growth.

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Challenges in the current SaaS buying process: 

‍Opaque SaaS pricing

The few SaaS vendors that openly reveal their prices often cater to the small and medium business segment. For SaaS consumers that require customization, the pricing is often hidden behind a "Contact Us" button. These opaque SaaS pricing practices have rightly earned the moniker "The best-kept secret in SaaS."  

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Multiple stakeholders 

SaaS ownership within fast-growing companies is often entangled. Multiple department heads give purchase approvals, and numerous stakeholders use the procured software. Hence, buying is often decentralized with no clear visibility. 

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Lack of time and resources 

With multiple software renewals happening every month, fast-growing businesses with limited resources cannot negotiate contracts for the numerous tools they use. 

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Leakage of SaaS spend 

With a complicated SaaS ownership matrix, it's very difficult for businesses to have one central source of truth for all their SaaS usage. This lack of visibility increases unnecessary use of duplicate licenses or Shadow IT. 

As a result of opaque pricing, no clear visibility, and lack of resources to negotiate with multiple vendors, businesses overpay for SaaS.

Spendflo: Here to reinstate the modern SaaS buyer back in the Driver's Seat.

We at Spendflo have raised $4.4 Million from Accel Partners, Together Fund, BoldCap, Signal Peak Ventures and over 40 founders and operators to empower modern SaaS buyers. We help fast-growing companies buy, optimize and save up to 30% on their SaaS spend with a guaranteed ROI.

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Building Spendflo: 

Founded in 2021 by Siddharth Sridharan, Ajay Vardhan, and Rajiv Ramanan, our mission is to empower modern finance leaders and reinvent the way businesses buy and optimize SaaS. 

We help high-growth companies centralize their SaaS contracts, gain visibility in spending, monitor usage, and provide assisted purchasing. We guarantee savings with benchmark data unique to Spendflo. 

Our optimization platform enables collaborative buying and ensures SaaS procurements are done holistically. We help modern businesses do away with reactive, ad-hoc procurement and pave the way for data-led and tactical negotiations. 

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Today, we at Spendflo are already managing millions in SaaS spends and are saving 23% for our customers on average. Our customer footprint spans globally, including fast-growing companies like Airmeet, Crownpeak, LambdaTest, Urban Company, Wingify, and Yellow.ai.

Our heartfelt thanks to our early believers in the journey, investors, customers, and the team. We're excited to help every fast-growing company save a little more on their SaaS expense every year.

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