Since January 2022, the company's total fundraising has reached $51 million, elevating its valuation to several hundred million. The newly acquired capital will be allocated to enhancing product innovation and propelling its global expansion.

After witnessing Vertice's 7x growth in Annual Recurring Revenue (ARR) in 2023, 83North and Bessemer Venture Partners, the primary investors from the Series A round, reinvested with an additional $25 million. Vertice has demonstrated exceptional capital efficiency in achieving its growth. Founders Roy and Eldar Tuvey, known for their previous ventures Wandera and ScanSafe, opted for this fundraising to support their expansion goals while adhering to the company’s principle of prudent spending. This latest round of funding boosts Vertice's total cash reserves to $40 million.

Managing over $1.1 billion in software and cloud expenditure for hundreds of companies across more than 30 countries and various economic sectors, Vertice is becoming the go-to solution for automating procurement workflows, enhancing operational efficiency, and providing detailed insights into software and cloud spending.

With software and cloud expenses rapidly becoming the largest operational costs for companies, second only to payroll, Vertice aims to empower finance and procurement leaders to manage these costs effectively, potentially saving them 25% on their SaaS and cloud expenses. In 2023, the company solidified its market leadership by releasing several new product modules, enhancing enterprises' ability to monitor and control spending. Notably, it introduced the Cloud Cost Optimization feature, positioning Vertice as the sole platform globally addressing both SaaS and cloud expenditure. Additionally, it launched detailed spending analyses, usage analytics, and automated procurement workflows.

To support its growth and expanding customer base, Vertice plans to create over 150 new jobs in 2024 across the US, EMEA, and APAC regions. The company is also investing in its platform to further address customer needs, including enhanced functionalities for cloud optimization and streamlining technology infrastructures.

Laurel Bowden, partner at 83North said “Vertice has a powerful combination of a tenacious team, fast execution and a huge market with strong structural tailwinds. Companies of all sizes are feeling the pain of wasted spend and Vertice is uniquely positioned to address the changing needs of CFOs. As a result, Vertice has quickly become the go-to platform for companies looking to get lean and extend their runways.”

Adam Fisher, Partner at Bessemer added: “Vertice’s trajectory has been incredible, not just from a sales perspective but also in terms of its exceptional product development. Building genuinely innovative solutions that solve strategic pain points for enterprises is something that sets Vertice apart. We believe this is a recipe for sustained long-term and defensible success."

Roy Tuvey, Founder and CEO at Vertice underlined that this is just the start of a long and ambitious journey: “Two years ago we had passion, funding and a clear product vision, but no proof that Vertice would be this kind of success story. Since then, it has been incredibly validating to see such a tight product-market fit, with customers achieving cost savings that are flowing directly to their bottom lines.”

“This next chapter will be about scaling into a business with a break-out trajectory and I have total conviction we will do so. Our name comes from being in our customers’ corner and we are resolute in helping them operate more efficiently through the headwinds in the global economy.”

Vertice was founded by serial entrepreneurs Roy and Eldar Tuvey. The brothers have two decades of experience running enterprise SaaS companies, most notably founding ScanSafe and Wandera, which exited for $200 million (Cisco) and $400 million (JAMF).