SaaS buying and optimization platform SpendFlo raised $4.4M from Accel and Together in seed funding, the company announced. The funding round also saw participation from investors such as BoldCap and Signal Peak Ventures along with founders and operators from companies like Airbase, Zuora, Ivanti, CleverTap, Slintel, LamdaTest, Haptik, Wingify,.
The Chennai-based platform, which has customers that include Airmeet, Crownpeak, LambdaTest, Urban Company, Wingify and Yellow.ai, is looking to use the funding towards strengthening the team, evolving the product offering and GTM efforts. The company is geared towards CFOs and finance leaders to procure, manage and save on their SaaS expenses.
The company was founded in 2021 by Siddharth Sridharan, Ajay Vardhan, and Rajiv Ramanan to help “high-growth companies centralize their SaaS contracts, gain visibility in spending, monitor usage, and provides assisted purchasing”. In a statement, the company said it has managed millions in SaaS spends and saved 23% on average for its customers.
Spendflo was part of the first cohort Accel’s program to support pre-seed startups where it received $250,000 in non-dilutive capital, mentorship and more.
In a statement, Dinesh Katiyar, Partner at Accel India, said, "Pay-by-use SaaS tools have been a boon for companies worldwide. They're all rapidly shifting towards vendors that offer these tools. However, this mass exodus to SaaS has created a new challenge. Instead of centralized procurement workflows, we now have each business function buying what they need. They overspend through unoptimized pricing plans, under-utilized tiers, and unused licenses. Spendflo is committed to bringing back spending efficiency without compromising business velocity. We're impressed by Spendflo's vision of how software purchasing can and should be in the future, and we are delighted to be part of their journey."
Managing Director at Together Fund, Manav Garg, added, “The team at Spendflo will simplify managing SaaS procurements (buying and renewing) and help save companies on their SaaS expenses. Spendflo helps turn SaaS procurements into a tactical driver of business growth. Together Fund is excited to back them and help them scale."