Spendflo raises $11M in Series A funding round led by Prosus Ventures and Accel

Spendflo—which provides a SaaS buying and management platform—has raised $11 million in a Series A fundraising round led by Prosus Ventures and Accel.

The company hopes to utilise the capital to fuel product growth and accelerate global expansion. It plans to broaden its North American footprint through hiring resources and on-ground marketing activities.

So far, Spendflo has bagged a total of $15.4 million from investors, including Prosus Ventures, Accel, Together Fund, Signal Peak Ventures, and Boldcap Ventures.

Outsourced SaaS procurement and management is emerging as a dominant area of interest for organisations, driven by a complex SaaS stack and the need to rationalise cost bases, said Ashutosh Sharma, Head of Investments, India, at Prosus Ventures.

"We’ve tracked Spendflo’s journey since their initial days and are extremely impressed with the team and its pedigree, the evolution of the product platform and features, and a roster of marquee logos across the globe. We are thrilled to partner with and support Spendflo in their ambition to become a global SaaS buying and management platform," he said.

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Founded in 2021 by Siddharth Sridharan, Ajay Vardhan, and Rajiv Ramanan, Spendflo provides an all-in-one platform to buy, manage, and secure SaaS.

"Spendflo helps businesses at every stage of their SaaS buying and management journey while saving them countless hours and millions in both time and money respectively. Their continuous upward growth has shown us they’re the right team to tackle and solve this challenge," said Dinesh Katiyar, Partner at Accel.

Spendflo serves customers across North America, Europe, APAC, and the Middle East. Its customers include Mindtickle, Hasura, Drip, 4G Clinical, and Wodify.

The company says it has grown 30% month on month, multiplied its revenue 15 times, increased customer count by 5X, and expanded the team fourfold, since the start of 2022.