Total amount raised
$216 Million
Latest funding date
6/1/2022
Location
Vendr has successfully raised funding over four rounds, with the latest being a Series B round involving seven investors, including Craft Ventures and SoftBank Vision Fund. The platform specializes in SaaS buying and management, offering services that help companies find, buy, and manage their software stack with a money-back guarantee.
Keep reading to explore the intricacies of Vendr's fundraising journey and the investors backing this innovative platform.
What Is Vendr?
Vendr is a SaaS buying and management platform based in Boston, Massachusetts. The company operates in the Information Technology, Logistics, SaaS, and Software industries and has an employee count between 101-250.
Vendr helps companies find, buy, and manage their software stack with a money-back guarantee. Trusted by over 40,000 software buyers, Vendr has saved users over $400 million through its services, including its AI negotiation agent, Ruth.
How Much Funding Has Vendr Raised?
- Seed Round (October 2019)
- Amount Raised: USD 2,000,000
- Date: October 2019
- Lead Investors: F-Prime
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the company and develop the initial version of the platform.
- Seed Round (June 2020)
- Amount Raised: USD 4,000,000
- Date: June 2020
- Lead Investors: Craft Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the platform's capabilities and grow the customer base.
- Series A (March 2021)
- Amount Raised: USD 60,000,000
- Date: March 2021
- Lead Investors: Tiger Global Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance the platform's features.
- Series B (June 2022)
- Amount Raised: USD 150,000,000
- Date: June 2022
- Lead Investors: Craft Ventures, SoftBank Vision Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate platform development, help organizations cut costs, manage software expenses, and reduce risk.
Total Amount Raised: USD 216,000,000. Current Valuation: Not publicly disclosed.
Key Investors
- Craft Ventures
- Details: Craft Ventures is a venture capital firm co-founded by David Sacks, focusing on early-stage and growth-stage companies. The firm has been instrumental in backing innovative startups and helping them scale.
- Investment Focus Areas: Early-stage technology companies, growth-stage technology companies, SaaS.
- Notable Investments: Slack, Bird, Reddit.
- SoftBank Vision Fund 2
- Details: SoftBank Vision Fund 2 is a venture capital fund managed by SoftBank Investment Advisers. It focuses on investing in technology-driven companies that have the potential to disrupt various industries.
- Investment Focus Areas: Technology, AI, robotics, innovative sectors.
- Notable Investments: ByteDance, Grab, DoorDash.
- F-Prime Capital
- Details: F-Prime Capital is a global venture capital firm that invests in healthcare and technology companies. The firm leverages its extensive network and expertise to support its portfolio companies.
- Investment Focus Areas: Healthcare, technology, biotech.
- Notable Investments: Moderna, Wayfair, Flywire.
- Sound Ventures
- Details: Sound Ventures is a venture capital firm co-founded by Ashton Kutcher and Guy Oseary. The firm focuses on technology and media companies, aiming to support innovative and disruptive startups.
- Investment Focus Areas: Technology, media, innovative startups.
- Notable Investments: Airbnb, Uber, Spotify.
- Tiger Global Management
- Details: Tiger Global Management is an investment firm that focuses on private and public companies in the global Internet, software, consumer, and financial technology industries. The firm is known for its aggressive investment strategy.
- Investment Focus Areas: Internet, software, consumer, financial technology.
- Notable Investments: Facebook, LinkedIn, Stripe.
What's Next for Vendr?
Vendr stands at the cusp of significant growth opportunities, driven by the increasing reliance on software across industries. With enterprise software spending projected to exceed $670 billion in 2022, Vendr's platform is well-positioned to help organizations cut costs and manage software expenses more efficiently. The company's ability to save clients 20-30% on software expenses and deliver a 9x ROI underscores the vast potential for expansion.
Future fundraising opportunities appear promising, given the successful Series B round and the involvement of high-profile investors like Craft Ventures and SoftBank Vision Fund 2. As Vendr continues to grow, additional funding rounds could further accelerate platform development and market reach. However, challenges such as managing the complexity of software stacks and ensuring compliance and security will require strategic focus to maintain their competitive edge.
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