Accel-backed Venwiz raises $8.3 mn in Series A round
Summary
We are also working towards broadening our client base, and are in advanced talks with several enterprise companies, said Sandesh Paturi, co-founder and chief business officer, Venwiz.The Bengaluru-based company claims to have onboarded 10,000 vendors on its platform across 40 service categories. It counts companies like Nestle, TVS, ITC, Tata Coffee and Kohler Power as part of its client portfolio.In 2021, the company raised $3 million in a seed funding round led by led by Accel India and Nexus Venture Partners and has cumulatively raised $11.3 million so far.Venwiz is addressing a white space in the manufacturing segment of different industries - procurement of industrial services for capex and maintenance, repair and operations (MRO) needs. In July, VCCircle had reported that Sorin raised $100 million in the first close of its maiden fund from a clutch of family offices.As for the SaaS space, according to data from startup intelligence platform Tracxn, it emerged as one of the top-funded sectors in 2022. Additionally, homegrown SaaS firms are poised to touch an annual revenue run rate (ARR) of $35 billion by 2027,private equity giant Bain said in a report last month.There has been an uptick in the number of early-stage deals in the sector. During the same period, Sequoias accelerator program Surge led a $3.7 million seed funding round of SaaS startup Hatica.In January 2023, artificial intelligence-powered SaaS platform Actyv.ai marked the final close of its pre-Series A funding round at $12 million and Sequoia-backed SirionLabs raised $25 million as part of its extended Series D funding round from PE firm Brookfield Growth.