SaaS sprawl continues to pose a significant risk to companies worldwide. According to industry research, more than $200 billion and 3.9 billion working hours will be wasted on software buying in 2023, while one in five companies will have experienced a cyber event related to shadow IT.
According to Sastrify data, the typical company overspends by more than 30 percent on their SaaS costs and wastes more than 400 hours per year on managing their SaaS contracts.
On a mission to make buying and managing SaaS subscriptions easier, Sastrify today announced it has raised a €30 million Series B financing round led by Endeit Capital, with participation from Simon Capital and previous investors HV Capital, FirstMark Capital, and TriplePoint Capital.
The company will use the additional funds to scale the global team focused on the United States and Europe and further accelerate product development to support mid-market and enterprise customers. Sastrify had secured €13 million only five months after its seed round in January 2022.
“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,” says Philipp Schroeder, partner at Endeit Capital.
Sastrify has been a strong force in Europe since first launching in mid-2020, growing more than 400% in the past year fueled by a focus on clear return on investment for its customers.
The Sastrify platform allows users to centralize, visualize, and automate their entire SaaS procurement journey. Sastrify powers SaaS procurement for fast-growing companies like sennder, OnRunning, Babbel, and Pleo and is positioned to continue to expand its services in the US, already serving US customers such as Capchase, a non-dilutive financing provider to SaaS companies.
The fundraising coincides with Sastrify’s expansion of its core product offerings to provide automated Usage Analytics as well as the launch of the Sastrify Marketplace, which includes flexible payment and financing options. Sastrify and Capchase also recently announced a partnership to provide flexible financing for SaaS licenses.
“We’ve built a platform that enables procurement, finance, and IT teams to fully optimize all aspects of their software procurement,” says 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.”
By the way, Sastrify was an exhibitor at the EU-Startups Summit in 2022. Next year’s EU-Startups Summit will be held on May 9-10 in beautiful Malta, providing two days of networking, inspiration and learning. It’s an exciting opportunity to connect with Europe’s most influential founders, investors and innovators, and meet fellow startup enthusiasts.
Want to join us? Secure your ticket for the Summit here today!