Vertice, the spend optimisation platform headquartered in London, has announced $50 million in Series C funding. With this investment, the total funding raised by the company surpasses $100 million.
The oversubscribed round was led by Lakestar, which recently invested in Nelly and Mindgard. Additional participants include Perpetual Growth and CF Private Equity, alongside existing investors Bessemer Venture Partners (which backed Vapi and Upvest) and 83North.
Growth plans for 2025
The fresh capital will further accelerate Vertice’s mission to create the go-to unified backbone for modern procurement teams. In 2025, Vertice will open several new regional offices and drive product development by tripling its engineering team. New automated product capabilities and integrations will help enterprise procurement and finance teams improve visibility, streamline processes, reduce costs, and make better decisions.
What challenge does it tackle?
Procurement teams struggle every day with opaque approval processes, rising prices, compliance threats and a lack of clarity over best pricing. The market’s current response is disparate and disconnected point solutions, including procurement workflow builders, contract negotiation, benchmarking data and SaaS spend optimisation. Vertice has seized a recognised leadership position in procuretech by delivering all of this within a single, unified platform.
Simplifies procurement workflows
Vertice was founded in 2021 by brothers Roy and Eldar Tuvey and is headquartered in London with additional offices in New York, Sydney, Brno and Johannesburg. The AI-powered spend optimisation platform enables businesses to simplify their procurement workflows, gain granular control and visibility of their spend, and realise cost savings of as much as 30%.
It offers fully customisable procurement workflows that deliver AI-supported insights into spend optimisation, usage and risk management directly within the workflow itself. These insights are based on its negotiation experience across $3.4 billion of SaaS and cloud spend on behalf of hundreds of enterprise customers globally.
Vertice has been adopted by hundreds of finance and procurement leaders, including the teams at ASML, Euronext, Grant Thornton, and Santander. In the last 12 months, it has significantly grown its enterprise customers in the US, EMEA and APAC. It is touted to be the only spend optimisation platform to have significant presence and customer base in all three regions.
“We created our own unfair advantage,” commented Roy Tuvey, Founder and CEO at Vertice. “After spending two years perfecting our SaaS and cloud spend optimisation, achieving product-market fit and taking market share from established players, we’ve brought all of our data and insights directly into the workflow experience. All employees can now initiate any purchase, quickly, transparently and at the best price, while procurement can fully customise the workflows to their needs and embed granular approvals.”
Stephen Day, CPO at Kantar and a member of Vertice’s 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 authorisation. Control and visibility of every purchase therefore becomes essential, but it can be painfully difficult when data and intelligence is disparate. Unifying these data sources and processes into a single platform that is built with the stakeholder experience in mind, as much as for procurement leaders, solves so many challenges – and is a huge opportunity for Vertice.”
Georgia Watson, Partner at Lakestar, said “Vertice has consistently demonstrated its ability to execute, innovate, and drive key growth metrics year after year, all at scale. We firmly believe there is no organisation better positioned to become the unified platform of choice for the modern procurement team.”
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