Founded in 2020, Sastrify has just secured an additional €13 million only five months after its seed round. The funding is led by NYC-based fund FirstMark (investors in industry leaders like Shopify, Pinterest and Airbnb) who joined existing investor HV Capital and various angel investors.
The capital comes after a big year for the young startup which continues to see an impressive 30%+ month-over-month revenue growth.
Since launching in 2021, the Cologne-based company has established itself as one of Europe’s leading SaaS procurement platforms in Europe, already serving renowned unicorns Gorillas, pleo and sennder.
Sastrify works to help digital-first organizations select, buy and manage their SaaS subscriptions through one single platform, with the aim to make SaaS procurement “as easy as buying something on Amazon”.
Supporting tech, finance and procurement teams to buy and renew SaaS subscriptions, Sastrify provides a single platform for companies to manage the whole lifecycle of enterprise SaaS. In just a few months of operations, the team onboarded over 100 clients including well-known brands such as Scalable Capital and Runtastic. Clients can browse for new software and follow a structured procurement process to get what they need fast at the best-in-market price. They can also optimize existing contracts and manage renewals.
Founder Maximilian Messing commented: “Money aside, tech, finance, and procurement teams simply waste countless hours on managing their software contracts. As a CTO myself, I would much rather build an amazing product than spend time on finding out fair prices or negotiating with vendors.”
Sastrify actively cooperates with numerous SaaS vendors including Google, Miro, 1Password and integrates with major accounting and spend management software. Recently, Sastrify also partnered with Capchase to enable flexible payment and financing for clients in order to improve customer experience through better payment options.
The team has now grown to more than 60 employees working across 10 different countries. The new capital boost will be used to continue to grow the startup’s global footprint of software vendors and buyers, to help companies buy software with confidence and at a fraction of the time it takes today.
“Companies are wasting billions of dollars and some of their most valuable employee time trying to discover, curate, and procure their technology, and Sastrify is tackling this problem by giving the power back to procurement teams through data and automation,” stated Adam Nelson, Managing Director at FirstMark. “Ultimately, we see the emergence of a modern, network-enabled, software purchasing stack with Sastrify at its core.