Vertice, the world’s only integrated SaaS and cloud spend management platform, has announced a £19.7m ($25m) fundraise following a year of lightning fast revenue growth.

The company has now raised a total of £40m ($51m) since January 2022, upping its valuation into the hundreds of millions.

Vertice was founded by serial entrepreneurs Roy and Eldar Tuvey. The brothers have two decades of experience running enterprise SaaS companies,  most notably founding ScanSafe and Wandera, which exited for $200m (Cisco) and $400m (JAMF).

Vertice will use the capital to further fuel its pace of product innovation and accelerate its worldwide expansion.

To support its ambitious growth plans and growing customer base, Vertice will create over 150 new positions in 2024 across the US, EMEA and APAC.

83North and Bessemer Venture Partners, who were the lead investors in the company’s Series A, have returned with $25m in additional funding after seeing Vertice achieve 7x growth in ARR in 2023.

The latest funding round increases its total available cash reserves to $40m.

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Roy Tuvey, founder and CEO at Vertice, said: “Two years ago we had passion,  funding and a clear product vision, but no proof that Vertice would be this kind of success story.

“Since then, it has been incredibly validating to see such a tight product-market fit, with customers achieving cost savings that are flowing directly to their bottom lines.

“This next chapter will be about scaling into a business with a break-out trajectory and I have total conviction we will do so.

“Our name comes from being in our customers’ corner and we are resolute in helping them operate more efficiently through the headwinds in the global economy.”

Laurel Bowden, partner at 83North, said: “Vertice has a powerful combination of a tenacious team, fast execution and a huge market with strong structural tailwinds.

“Companies of all sizes are feeling the pain of wasted spend and Vertice is uniquely positioned to address the changing needs of CFOs.

“As a result, Vertice has quickly become the go-to platform for companies looking to get lean and extend their runways.”

Adam Fisher, partner at Bessemer added: “Vertice’s trajectory has been  incredible, not just from a sales perspective but also in terms of its  exceptional product development.

“Building genuinely innovative solutions that solve strategic pain points for enterprises is something that sets Vertice apart. We believe this is a recipe for sustained long-term and defensible success.”

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Vertice manages over $1.1bn in software and cloud spend for hundreds of companies in over 30 countries spanning every sector of the economy.