Cologne-based Sastrify, a next-generation platform for buying and managing SaaS subscriptions, announced that it has raised $32M (approximately €29.67M) in a Series B round of funding.
Philipp Schroeder, partner at Endeit Capital, says, “As a result of the rise of SaaS solutions, accelerated Digital Transformation due to Covid and the current global economic climate, scalable SaaS management has become table stakes for running a successful company. We believe Sastrify’s platform is very well positioned to capitalise on this trend.”
Endeit Capital claims to have been supporting internationalisation and innovation since 2006. It specialises in accelerating European tech scale-ups that have surpassed the startup phase, with local Partner teams in the Netherlands, Germany, and Sweden.
A SaaS management software
According to industry research, over $200B and 3.9 billion working hours would be wasted on software purchases by 2023, with one in every five businesses experiencing a cyber incident related to shadow IT.
While Sastrify’s research shows that the average firm overspends on SaaS by more than 30 per cent and wastes over 400 hours per year maintaining SaaS contracts.
And this is where Sastrify looks to make a difference.
Founded in 2020 by Maximilian Messing and Sven Lackinger, Sastrify is a Software-as-a-Service (SaaS) digital procurement platform. It helps companies get the best deals when buying and renewing SaaS subscriptions.
Users can centralise, visualise, and automate every step of their SaaS procurement process with the Sastrify platform.
The platform claims to enable procurement, IT, and finance teams to collaborate seamlessly, leveraging “best-in-class” purchasing procedures, connections with major SaaS providers, and an expanding database of pricing benchmarks.
The company facilitates SaaS procurement for businesses like Pleo, Bitvavo, Temper, and Sennder.
Sastrify says that the funds will help increase its worldwide team focused on Europe and the US and speed up product development to better serve mid-market and corporate clients.
Since its launch in mid-2020, Sastrify, in Europe, expanded by more than 400 per cent in the previous year due to its focus on providing a clear return on investment for its users.
CEO Sven Lackinger, says, “We’ve built a platform that enables procurement, finance, and IT teams to fully optimise all aspects of their software procurement. Our hundreds of customers around the world have validated our platform as a comprehensive SaaS procurement solution.
“We’re positioned to grow our team, and continue to work with companies to focus and accelerate their efforts to reduce their risk, save hours per week, and save up to seven figures on their SaaS costs,” adds Lackinger.
This funding comes at a time when Sastrify is introducing its marketplace, which offers flexible payment and financing alternatives, and expanding its main product offerings to include automated Usage Analytics.
With Sastrify’s extended Usage Analytics, businesses have complete insight into their SaaS stack, which enables them to get rid of unneeded or poorly suited technologies and find better alternatives.
About the investors
Simon Capital is a German early-stage venture capital fund. It backs driven founders who are reshaping sectors in consumption, wellness, and productivity.
FirstMark Capital is a New York-based early-stage venture funding firm. Its aim is to collaborate with extraordinary entrepreneurs who are improving the world by addressing meaningful problems.
HV Capital invests in Internet and technology firms through multiple generations of funds since 2000 and claims to be one of Europe’s most successful and financially strong early-stage and growth investors. It has already made over 200 investments, including Zalando, Delivery Hero, FlixMobility, Depop, and SumUp.
The total sum of all HV Funds is €1.7B. The firm provides finance to entrepreneurs ranging from €500K to €50M.