Previously in May 2023, the company raised $32M (then, nearly €29.67M) in the same funding round.
Additionally, Sastrify has also finalised the strategic acquisition of Amsterdam-based Pengu, a European SaaS procurement company.
This extra funding will drive Sastrify’s growth initiatives, supporting endeavours such as scaling operations, investing in product innovation, expanding global reach, and strengthening customer success programmes.
Sven Lackinger, CEO and co-founder of Sastrify says, “This Series B extension and the acquisition of Pengu mark transformative moments for Sastrify.”
“The combination of additional funding and the integration of Pengu’s capabilities will allow us to better serve our customers, drive innovation, and solidify our position as a global leader in SaaS procurement,” adds Lackinger.
Acquisition of Pengu
Founded in 2022 by Edo Buziau and Philippe Stevens, Pengu uses data and expertise to handle the procurement and renewal of SaaS and cloud services on behalf of its clients.
The company is focused on expediting deals at the most favourable prices, ensuring guaranteed savings of up to 3 times the return on investment (ROI).
Pengu says, “We aim to shift the paradigm from pricing power to buyer power and strive to help organisations with expertise and data-insight in SaaS negotiations. Pengu enables an easy, fast and transparent buying journey.”
The acquisition of Pengu represents a major milestone for Sastrify, establishing the company as a dominant player in the SaaS procurement industry.
Integrating Pengu’s technology and data into Sastrify’s ecosystem will fuel innovation, expanding the range of solutions for clients. This strategic move enhances Sastrify’s European market presence and solidifies its leadership in the dynamic SaaS procurement landscape.
A digital procurement platform for SaaS products
Founded in 2020 by Maximilian Messing and Sven Lackinger, Sastrify is a SaaS digital procurement platform. It helps companies get the best deals when buying and renewing SaaS subscriptions.
Sastrify enables organisations to make informed, data-driven decisions, improve compliance, and realise cost savings in their SaaS expenditures. The platform allows users to centralise, visualise, and automate every aspect of their SaaS procurement process.
It promotes collaboration among procurement, IT, and finance teams by employing purchasing procedures, establishing connections with major SaaS providers, and maintaining an expanding database of pricing benchmarks.
The company facilitates SaaS procurement for businesses like Pleo, Bitvavo, Temper, and Sennder.
Brief about Reimann Investors
Reimann Investors, the family office of the Reimann entrepreneurial family, sold their shares in the family business in the late 1990s.
Since 2017, their VC funds focus on B2B SaaS, Fintech, and Ecomtech startups, aiming to foster collaboration between traditional industrial companies and emerging market leaders.
Speaking about the investment in Sastrify, Hans-Christian Perle, MD at Reimann Investors says, “We are thrilled to partner with Sastrify on its journey to revolutionise SaaS procurement. Sastrify’s impressive track record, innovative platform, and strategic vision align seamlessly with our commitment to supporting forward-thinking companies driving digital transformation.”
“As an investor, we recognise Sastrify’s potential to redefine the landscape of enterprise software solutions. We look forward to playing a pivotal role in Sastrify’s continued growth, empowering organisations worldwide to optimise their SaaS procurement processes efficiently,” adds Perle.