Vertice Raises $50 Million Series C to Simplify Procurement
Summary
Additional participants include Perpetual Growth and CF Private Equity, alongside existing investors Bessemer Venture Partners and 83North.This oversubscribed round is the latest milestone in Vertices 2.5 year growth journey, exponentially scaling its worldwide revenue and customer base whilst maintaining best in class capital efficiency. The markets current response is disparate and disconnected point solutions, including procurement workflow builders, contract negotiation, benchmarking data and SaaS spend optimization. All employees can now initiate any purchase, quickly, transparently and at the best price, while procurement can fully customize the workflows to their needs and embed granular approvals.Vertices proposition has been eagerly adopted by hundreds of finance and procurement leaders including the teams at ASML (AMS: ASML), Euronext (EPA: ENX), Grant Thornton, and Santander (BME: SAN). In the last 12 months, Vertice has significantly grown its enterprise customers in the US, EMEA and APAC the only spend optimization platform to have significant presence and customer base in all three regions.Stephen Day, CPO at Kantar and a member of Vertices 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 authorization. We firmly believe there is no organization better positioned to become the unified platform of choice for the modern procurement team.Vertice was founded by serial entrepreneurs Roy and Eldar Tuvey.