Vertice Secures €47.9 Million to Revolutionize Procurement
January 23, 2025, 9:32 am
In the bustling world of procurement, clarity is often a rare gem. Vertice, a London-based spend optimization platform, has just polished that gem with a fresh €47.9 million in Series C funding. This investment, led by the pan-European venture capital firm Lakestar, is a significant boost for a company that has already raised over €95.9 million since its inception in 2021.
Founded by brothers Roy and Eldar Tuvey, Vertice has carved a niche in the complex landscape of procurement. Their platform simplifies the procurement process, offering businesses a way to streamline workflows and gain visibility over their spending. With this latest funding, Vertice plans to expand its reach, opening new regional offices and tripling its engineering team. The goal? To create a unified backbone for modern procurement teams.
The need for such a solution is clear. Procurement teams face daily challenges: opaque approval processes, rising costs, and compliance threats. The current market is littered with disconnected point solutions, each addressing a piece of the puzzle. Vertice aims to consolidate these into a single, cohesive platform.
Imagine a conductor leading an orchestra. Each musician plays a vital role, but without a conductor, the music can quickly devolve into chaos. Vertice acts as that conductor, harmonizing disparate data sources and processes into a seamless workflow. This approach not only enhances efficiency but also empowers employees to initiate purchases transparently and at the best price.
The platform's capabilities are impressive. Vertice manages €3.2 billion in spend across 30 countries, serving hundreds of enterprise customers. Its customizable workflows provide AI-supported insights into spend optimization, usage, and risk management. This means procurement teams can make informed decisions quickly, reducing purchasing cycles and cutting costs by as much as 30%.
The company’s growth trajectory is remarkable. In just two years, Vertice has increased its revenue by 13 times. This rapid expansion is a testament to the platform's effectiveness and the pressing need for streamlined procurement solutions. Major players like ASML, Euronext, Grant Thornton, and Santander have already adopted Vertice’s offerings, highlighting its growing influence in the market.
The Series C funding will not only fuel expansion but also drive product development. New automated capabilities and integrations are on the horizon, promising to enhance visibility and streamline processes further. This is crucial in a landscape where procurement teams often grapple with fragmented data and unclear pricing.
The Tuvey brothers, seasoned entrepreneurs with a history of successful exits, are at the helm of this venture. Their experience in the SaaS space has equipped them with the tools to navigate the complexities of the procurement industry. They have identified a gap in the market and are filling it with a solution that resonates with businesses worldwide.
As Vertice continues to grow, it faces the challenge of maintaining its capital efficiency while scaling operations. The recent funding round is a clear indication of investor confidence in the company’s vision and execution. Lakestar, along with other investors like Bessemer Venture Partners and 83North, recognizes the potential for Vertice to become the go-to platform for procurement teams.
In a world where every dollar counts, procurement has become a critical area for businesses to optimize. The stakes are high, and the need for transparency and control is paramount. Vertice’s approach addresses these needs head-on, offering a solution that not only simplifies processes but also enhances decision-making capabilities.
The future looks bright for Vertice. With plans to open new offices and expand its engineering team, the company is poised for continued growth. The integration of advanced technology into procurement workflows will likely set a new standard in the industry.
As procurement evolves, so too must the tools that support it. Vertice is at the forefront of this evolution, transforming the way businesses approach spending. The funding received is not just a financial boost; it’s a validation of a vision that seeks to redefine procurement for the modern age.
In conclusion, Vertice is more than just a spend optimization platform. It’s a catalyst for change in the procurement landscape. With its recent funding, the company is ready to take on new challenges and expand its influence. The journey ahead is filled with potential, and for businesses looking to optimize their procurement processes, Vertice may just be the partner they need.
Founded by brothers Roy and Eldar Tuvey, Vertice has carved a niche in the complex landscape of procurement. Their platform simplifies the procurement process, offering businesses a way to streamline workflows and gain visibility over their spending. With this latest funding, Vertice plans to expand its reach, opening new regional offices and tripling its engineering team. The goal? To create a unified backbone for modern procurement teams.
The need for such a solution is clear. Procurement teams face daily challenges: opaque approval processes, rising costs, and compliance threats. The current market is littered with disconnected point solutions, each addressing a piece of the puzzle. Vertice aims to consolidate these into a single, cohesive platform.
Imagine a conductor leading an orchestra. Each musician plays a vital role, but without a conductor, the music can quickly devolve into chaos. Vertice acts as that conductor, harmonizing disparate data sources and processes into a seamless workflow. This approach not only enhances efficiency but also empowers employees to initiate purchases transparently and at the best price.
The platform's capabilities are impressive. Vertice manages €3.2 billion in spend across 30 countries, serving hundreds of enterprise customers. Its customizable workflows provide AI-supported insights into spend optimization, usage, and risk management. This means procurement teams can make informed decisions quickly, reducing purchasing cycles and cutting costs by as much as 30%.
The company’s growth trajectory is remarkable. In just two years, Vertice has increased its revenue by 13 times. This rapid expansion is a testament to the platform's effectiveness and the pressing need for streamlined procurement solutions. Major players like ASML, Euronext, Grant Thornton, and Santander have already adopted Vertice’s offerings, highlighting its growing influence in the market.
The Series C funding will not only fuel expansion but also drive product development. New automated capabilities and integrations are on the horizon, promising to enhance visibility and streamline processes further. This is crucial in a landscape where procurement teams often grapple with fragmented data and unclear pricing.
The Tuvey brothers, seasoned entrepreneurs with a history of successful exits, are at the helm of this venture. Their experience in the SaaS space has equipped them with the tools to navigate the complexities of the procurement industry. They have identified a gap in the market and are filling it with a solution that resonates with businesses worldwide.
As Vertice continues to grow, it faces the challenge of maintaining its capital efficiency while scaling operations. The recent funding round is a clear indication of investor confidence in the company’s vision and execution. Lakestar, along with other investors like Bessemer Venture Partners and 83North, recognizes the potential for Vertice to become the go-to platform for procurement teams.
In a world where every dollar counts, procurement has become a critical area for businesses to optimize. The stakes are high, and the need for transparency and control is paramount. Vertice’s approach addresses these needs head-on, offering a solution that not only simplifies processes but also enhances decision-making capabilities.
The future looks bright for Vertice. With plans to open new offices and expand its engineering team, the company is poised for continued growth. The integration of advanced technology into procurement workflows will likely set a new standard in the industry.
As procurement evolves, so too must the tools that support it. Vertice is at the forefront of this evolution, transforming the way businesses approach spending. The funding received is not just a financial boost; it’s a validation of a vision that seeks to redefine procurement for the modern age.
In conclusion, Vertice is more than just a spend optimization platform. It’s a catalyst for change in the procurement landscape. With its recent funding, the company is ready to take on new challenges and expand its influence. The journey ahead is filled with potential, and for businesses looking to optimize their procurement processes, Vertice may just be the partner they need.