SaaS Management platforms
Updated: August 27, 2021
2021. Sastrify snags $7M to help SMEs manage SaaS buying
Sastrify, a startup, offering what it describes as a “highly automated” platform (covering some 20,000+ SaaS solutions) to help other businesses with procurement and management of third-party services, has closed a $7 million seed round. Sastrify’s sales pitch to SMEs includes that current customers have seen an average 6.5x return on their investment — in addition to what it bills as “thousands of working hours” saved from “wasted” activities related to SaaS procurement. On the competitive front the startup points to U.S.-based Vendr and Tropic, which may further explain the regional focus (although it’s not only selling in Europe).
2021. Vendr raises huge $60M for its SaaS-purchasing service
SaaS-purchasing startup Vendr has raised $60 million Series A. The startup’s model of standing between SaaS buyers and sellers, speeding up transactions while lowering their cost, appears to have fit well into 2020’s twin trends of rising software reliance and a focus on cost control. Vendr charges its customers between 1% and 5% of their software spend that it manages, which can add up. Standard 500-person company might spend $2 million to $3.5 million on software each year, which by our math would make that company worth no less than $20,000 to $35,000 in revenue for Vendr at 1% of spend. But why would Vendr customers pay it to handle their software spend? Savings, effectively. Everyone wins, it seems, except for software sellers. After all, they are the ones losing a chance to get less-sophisticated buyers to pay more for their code, right?
2021. Torii raises $10M to automate SaaS management
Torii, Israeli startup that wants to make it easier to manage SaaS tools, has announced a $10 million Series A. At the heart of Torii's idea is an automation engine to discover and manage all of the SaaS tools inside an organization. Once you know what you have, there is a no-code workflow engine to create workflows around those tools for key activities like onboarding or offboarding employees. The approach seems to be working. As the pandemic struck in 2020, more companies than ever needed to control and understand the SaaS tooling they had, and revenue grew 400% YoY last year. Customers include Delivery Hero, Chewy, Monday.com and Palo Alto Networks.
2020. Cledara, the SaaS purchase and management platform, raises $3.4M
Cledara, the SaaS purchase and management platform that helps bring greater viability and control over a company’s sprawling software subscriptions, has raised $3.4 million in additional funding. Cledara has developed software to let companies track and manage their SaaS usage and spending, including analytics to help understand if it is money well-spent. Another Cledara feature is unlimited virtual debit cards to empower employees and outside teams to purchase appropriate SaaS offerings independently. This includes the option for management to approve every purchase before it happens and access real-time updates on what everyone is buying. Part of Cledara’s revenue comes from interchange fees via said card spend, along with employing a SaaS model itself with paid subscriptions.
2019. SaaS buying platform Vendr raises $2M
Vendr, that has developed an enterprise SaaS solution for managing enterprise SaaS, has raised a $2 million round. The company offers subscription-based software, priced depending on company headcount, that helps fast-growing businesses buy and manage enterprise SaaS. In short, the product cuts the human out of the sales process, allowing companies to purchase or upgrade software using software. The goal isn’t to eliminate the sales profession, rather to put an end to “persuasion driven” sales and to make enterprise software purchases as easy as consumer product purchases. Vendr currently operates with a team of six employees and 19 customers, including Canva, Grammarly, GitLab, Brex, HubSpot and InVision. The company is also backed by Okta’s general counsel Jon Runyan, AppDynamics’ COO Dan Wright and YC partner Aaron Epstein.