Vertice Raises $50 Million Series C to Enhance Procurement Solutions
Lakestar leads the investment round with support from earlier backers
Vertice, a remarkable spend optimization platform, has successfully secured $50 million in a Series C funding round, spearheaded by the prominent venture capital firm Lakestar. This significant investment elevates Vertice’s total funding to over $100 million. Joining Lakestar in this financing are notable investors such as Perpetual Growth and CF Private Equity, alongside earlier supporters Bessemer Venture Partners and 83North.
Transformative Growth and Strategic Development
The recent oversubscribed funding marks a pivotal moment in Vertice's nearly two and a half years of exponential growth. During this period, the company has remarkably scaled its revenue and customer base, achieving a 13x revenue increase over the past couple of years. The fresh infusion of capital will expedite Vertice's mission to become the unified backbone for progressive procurement teams worldwide.
Expanding Horizons in 2025
In 2025, Vertice is set to broaden its horizons by establishing several new regional offices and significantly enhancing its product development capabilities. This growth entails tripling its engineering team to accelerate the rollout of innovative product features. With these upgrades, the platform will introduce new automated functionalities and integrations, offering enterprise procurement and finance teams improved visibility, streamlined processes, reduced costs, and better decision-making ability.
Challenges in Procurement Today
Today’s procurement teams commonly grapple with a myriad of challenges, including chaotic approval processes, fluctuating costs, compliance risks, and inadequate insight into optimal pricing. The existing market tends to respond with fragmented, point-solution systems that fail to cohesively address these challenges ranging from procurement workflows to contract negotiations and SaaS spend optimization. Vertice has adeptly positioned itself as a leader in the procuretech landscape by integrating all essential functions within one comprehensive platform.
Revolutionizing Procurement Workflows
Offering fully customizable procurement workflows, Vertice delivers AI-driven insights into spend optimization, usage metrics, and risk management directly within the operational framework. These insights stem from Vertice's extensive negotiation experience, managing over $3.4 billion in SaaS and cloud expenditures for hundreds of global enterprise customers, and its unparalleled benchmarking data encompassing more than 16,000 software vendors. Vertice's workflows have consistently reduced purchasing cycles significantly and curtailed maverick spending, driving SaaS and cloud costs down by as much as 30%.
“We created our own unfair advantage,” remarked Roy Tuvey, Founder and CEO at Vertice. “After two years of refining our SaaS and cloud spend optimization strategies, achieving product-market fit, and capturing market share from established giants, we have seamlessly integrated our data and insights into the workflow experience. Any employee can now initiate a purchase efficiently, transparently, and at the best available price, while procurement teams can customize workflows tailored to their requirements, ensuring thorough approvals.”
Growing Customer Base and Future Insights
Vertice’s proposition has quickly gained traction among finance and procurement leaders, attracting hundreds of customers, including well-respected teams at ASML, Euronext, Grant Thornton, and Santander. Over the past year, Vertice has substantially expanded its enterprise customer base across regions such as the US, EMEA, and APAC, distinguishing itself as the only spend optimization platform with a notable presence in all three areas.
Expert Opinions on Vertice's Future
Stephen Day, CPO at Kantar and a member of Vertice's Advisory Board, commented, “Procurement is uniquely positioned as a business process accessible by any employee, authorized or not. Gaining control and visibility over every transaction is paramount, yet challenging when data sources remain disparate. Integrating these elements into a unified platform, designed for stakeholder experience alongside procurement leaders, addresses significant challenges and paves the way for extensive opportunities for Vertice.”
Georgia Watson, Partner at Lakestar, echoed these sentiments, stating, “Vertice has consistently proven its capability to execute, innovate, and achieve key growth metrics year after year at scale. We believe no other organization is better positioned to establish itself as the unified platform of choice for modern procurement teams.”
About Vertice and Lakestar
Vertice, founded by seasoned entrepreneurs Roy and Eldar Tuvey, specializes in helping businesses simplify their procurement processes, gain detailed control over their spending, and secure cost savings of up to 30%. Vertice handles $3.4 billion in global expenditures for hundreds of enterprise clients across over 30 countries. The company has its headquarters in London, with additional offices located in New York, Sydney, Brno, and Johannesburg.
Lakestar stands as one of Europe’s premier venture capital firms, dedicated to identifying and nurturing disruptive businesses empowered by technology. Since its inception by Klaus Hommels in 2012, Lakestar has amassed over €2 billion across several early-stage and growth funds, providing expertise to its portfolio companies in various areas, including marketing and technology advancements. Lakestar has a presence in key cities and continues to uphold a commitment to innovation in Europe’s digital landscape.
Frequently Asked Questions
What is Vertice's primary mission?
Vertice aims to simplify procurement workflows while providing businesses with the tools needed for better spending visibility and cost savings.
How much funding did Vertice raise in its Series C round?
Vertice raised $50 million in its Series C funding round, led by Lakestar.
What distinguishes Vertice from other procurement platforms?
Vertice integrates multiple procurement functions into a singular platform, facilitating enhanced workflow efficiency and data coherence.
Which companies have adopted Vertice's solutions?
Notable clients include ASML, Euronext, Grant Thornton, and Santander.
Where is Vertice headquartered?
Vertice is headquartered in London, with satellite offices in several global cities including New York, Sydney, Brno, and Johannesburg.
