SaaS purchase and management platform Cledara has raised $3.4m (£2.5m) funding in a round led by Nauta Capital, with participation from existing investors Anthemis.

The firm said it will use the new investment to accelerate its product growth and international expansion.

London-based Cledara is designed to help businesses purchase SaaS software efficiently, claiming it can reduce spend by up to 30%.

With operations also in Barcelona, the company was founded by Cristina Vila in 2018 after experiencing the internal challenges that using SaaS can cause companies.

Vila was later joined by ex-Railsbank executive Brad van Leeuwen as Co-founder and COO.

The firm now has more than 100 tech customers including Railsbank, Unmind and Florence. It reports revenues grew by more than 20 times in 2020.

“Companies waste $20billion on duplicate, forgotten or unused SaaS purchases yearly,” explains Cristina Vila, Cledara’s CEO and Co-founder.

“This round comes at a point in time when a successful transition to the cloud is critical for businesses and economies everywhere.”

Brad van Leeuwen, COO and Co-founder added: “Having scaled companies before, I’ve seen first hand the friction that SaaS can cause across all parts of businesses, including finance and HR.

“As a result of the Covid-19 pandemic, businesses of all types have had to rapidly adjust to working in the cloud and are facing this challenge for the first time. We’re on a mission to support that transition.”