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The new funding will accelerate Vendr’s platform development, helping organizations cut costs, manage their second-highest expense – software – and reduce risk in light of the economic downturn. Founded in 2019, Vendr offers a buying platform used by companies to purchase SaaS. The platform provides commercial negotiations, renewal management and contract logistics services by negotiating software purchases.
It then pulls together data on thousands of previous transactions with that software, showing companies how they can save money on their own purchase. Every purchase routes through Vendr’s approval process too — including finance, security and legal. Vendr’s SaaS buying platform is the first of its kind, offering both a product and a people-powered facility to empower the world’s fastest-growing companies to buy software quickly and with assured savings. Vendr has now enabled over $1 billion in SaaS purchases for Finance and Procurement teams at HubSpot, Brex, Canva, Reddit, Toast, and other companies. With over $300+ million in SaaS purchases across 1,000+ suppliers, the Vendr SaaS buying platform enables the world’s fastest-growing companies to purchase SaaS, without friction and at a fair price.
The Software Report is pleased to announce its third annual list of the Top 100 Software Companies. This awards feature publication has become recognized as the leading source of information on the best companies in the software industry. Selection is based on a rigorous review of nomination feedback received, in addition to deep research into a company’s ratings on Glassdoor, G2, Capterra, and other publicly available information… Vendr provides vendor management service to companies when buying and renewing software products. Vendr intends to use the new investment to make investments in its current business model from across the board, and yet particularly in product and engineering teams. The Boston-based company buys and renews SaaS services for clients and analyzes the usefulness and cost-effectiveness of their SaaS setups.
The company has seen strong growth, processing more than $1 billion in software spending and delivering more than $200 million in software savings for its customers. On the compliance side, Vendr ensures software providers meet security and compliance requirements by coordinating security reviews and leveraging proprietary data on security and compliance information from top software companies. Vendr pitches its benefits as including the ability to increase the return on software investment. The company’s service is designed to allow users to maximize the value of their SaaS investments by assisting in the initial decision-making and evaluation through the negotiation and purchasing process. “Spending on software solutions has drastically increased over the last decade and the number of software companies out there continues to grow,” says Saiprasad, who joined Vendr’s board.
We find one we love, wait days to get a demo, spend hours trying to understand intricate pricing, and battle for weeks with finance, legal, and security to push the purchase through. On average, people spend 85 days — almost three months — slogging through padayali the SaaS purchasing process. Vendr, a Boston, MA-based provider of a SaaS buying platform, raised $150M in Series B funding. G2 offers a B2B software and services review platform that seeks to help businesses make better buying decisions every month.
Because of remote work, more companies than ever are relying on software to do business, and capital efficiency is key amid such economically volatile times. Boston – June 17, 2022 – Cooley advised Vendr, a software as a service buying platform, on its $150 million Series B funding round, bringing the company to a $1 billion valuation. Lawyers Harley Brown, Megan Coneeny, Eric Schmid and Emily Center-Bregasi led the Cooley team advising Vendr. Traditionally, enterprise-level software acquisition requires months of discussions between procurement teams and salespeople. Vendr, founded in 2019, negotiates and manages contracts, and has processed more than $1.3 billion of transactions. The Series B round was co-led by Craft Ventures and SoftBank, with Sozo Ventures, F-Prime Capital, Sound Ventures, Tiger Global and Y Combinator also participating.
Pressed on what Vendr might be able to do for the selling side of the software market given its present-day buyer focus, Neu declined to share any possible plans.
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model. There’s quite a bit of potential to keep expanding on top of Vendr’s early success, something SoftBank partner Priya Saiprasad says she’s believed since she first met with Neu last August. SoftBank, one of the most aggressive tech investors, is facing plunging earnings and slowed investments following a crash in tech holdings. Accurately monitors the adoption and usage of purchased software, enabling companies to assess the value realized from their software investments, and informing renewal decisions. Vendr launched in 2019 and in a mere two years, we’ve facilitated more than $300 million across 2,500+ SaaS transactions with 1,000+ SaaS suppliers.