Vertice Raises $50 Million in Series C Funding to Revolutionize Procurement

London-based procurement platform, Vertice, has successfully raised $50 million (nearly €47.97 million) in a Series C funding round, bringing the company’s total funding to over $100 million (nearly €95.91 million). The round was led by Lakestar, with participation from Perpetual Growth, CF Private Equity, and existing investors Bessemer Venture Partners and 83North.

Vertice plans to utilize the funds to continue developing its unified platform for procurement teams. The company has already seen significant growth, increasing its revenue 13x over the past two years. The Series C investment will further enhance its product features and integrations to improve visibility, streamline processes, reduce costs, and support better decision-making for procurement and finance teams.

Founded in 2020 by Roy Tuvey and Eldar Tuvey, Vertice simplifies procurement by addressing the challenges of approval processes, rising prices, compliance issues, and fragmented market solutions. Its platform offers customizable workflows and AI-supported insights on spend optimization, usage, and risk management, powered by Vertice’s experience managing over $3.4 billion in SaaS and cloud spend. The platform also provides valuable data on more than 16,000 software vendors.

Vertice’s solution has already led to notable results, reducing purchasing cycles, minimizing maverick spending, and cutting SaaS and cloud costs by up to 30%. The platform has been adopted by prominent companies such as ASML, Euronext, Grant Thornton, and Santander, with significant expansion across the US, EMEA, and APAC regions over the last 12 months.

Looking ahead, Vertice plans to open new regional offices and grow its engineering team in 2025. The company will also introduce new features and continue expanding its product offering to meet the needs of procurement teams globally.

Commenting on the funding, Roy Tuvey, founder and CEO of Vertice, said, “We’ve perfected our SaaS and cloud spend optimization and now bring our insights directly into the workflow experience. This enables employees to make purchases quickly and transparently at the best prices while providing full customization for procurement teams.”

Georgia Watson, Partner at Lakestar, praised Vertice’s execution and innovation, saying, “Vertice is well-positioned to become the unified platform of choice for modern procurement teams, and we’re excited to support their growth.”

With this new funding, Vertice is poised to continue its transformation of procurement, offering a comprehensive solution that enhances efficiency, transparency, and cost management for enterprises worldwide.