As part of its Series B financing round led by Endeit Capital, Sastrify, the platform for buying and managing SaaS subscriptions, has raised $32 million, with Simon Capital, HV Capital, FirstMark Capital, and TriplePoint Capital participating.
In 2023, more than $200 billion and 3.9 billion working hours will be wasted by companies on software buying - or SaaS sprawl (software services that are not approved, are redundant, and are poorly integrated), while one in five companies will have experienced a cyber event related to shadow IT, according to industry research. According to data, companies overstate SaaS costs by more than 30% and waste more than 400 hours managing their contracts.
SaaS procurement can be centrally managed, visualized, and automated with the Sastrify platform. With its SaaS procurement services powered by Pleo, Bitvavo, Temper, and Sennder, Sastrify is positioned to continue expanding its services in the U.S. It already serves companies like Capchase, a non-dilutive financing provider for SaaS companies. With these additional funds, it aims to accelerate product development for mid-market and enterprise customers.
This fundraising campaign coincides with Sastrify's expansion into automated Usage Analytics and the launch of the Sastrify Marketplace, a flexible financing and payment option platform. A partnership between Sastrify and Capchase also provides flexible financing for SaaS licenses.
“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 capitalize on this trend,” said Philipp Schroeder, partner at Endeit Capital,”
- said Philipp Schroeder, partner at Endeit Capital
Using Sastrify's Marketplace, teams can find and evaluate tools, streamline procurement processes, optimize their SaaS stack, and make insight-driven decisions. With Sastrify’s expanded Usage Analytics, companies benefit from having full visibility into their SaaS stack—an advantage that enables them to eliminate unnecessary or bad-fit tools and discover better alternatives.
“We’ve built a platform that enables procurement, finance, and IT teams to fully optimize all aspects of their software procurement,”
- said Sastrify CEO and co-founder Sven Lackinger
“Our hundreds of customers around the world have validated our platform as the 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.”
