Vertice, the integrated SaaS and cloud spend management platform, has announced the successful closure of a $25 million Series B funding round, bringing the total raised since January 2022 to $51 million. The funding round, led by 83North and Bessemer Venture Partners, follows a remarkable year of growth for Vertice, with a 7x increase in Annual Recurring Revenue (ARR) in 2023. The additional capital will be utilized to support ongoing product innovation, fuel global expansion, and hire talent for over 150 new positions.
Vertice, founded by serial entrepreneurs Roy and Eldar Tuvey, has demonstrated capital efficiency while achieving significant growth, securing its position as the only platform globally addressing both SaaS and cloud spending. In 2023, the company unveiled various product modules, including its Cloud Cost Optimization offering, enhancing enterprises’ ability to visualize and control spending. The latest funding round elevates Vertice’s valuation into the hundreds of millions, reflecting its leadership in the category and its commitment to responsible spending.
Laurel Bowden, Partner at 83North, emphasized Vertice’s unique position to address CFOs’ evolving needs in managing spending efficiently. Adam Fisher, Partner at Bessemer, highlighted Vertice’s exceptional product development and innovation, predicting sustained long-term success.
Roy Tuvey, Founder and CEO at Vertice, expressed confidence in the company’s trajectory, emphasizing its commitment to supporting customers in navigating economic challenges. The funding will further strengthen Vertice’s capabilities, allowing it to scale into a business with a breakout trajectory.