The new round of financing, led by Tiger Global, will enable Vendr to boost product development and expand globally.
Vendr, the SaaS buying platform, today announces a $60 million Series A led by Tiger Global Management, with participation from existing investors Craft Ventures, Y Combinator, Sound Ventures, Garage Capital, and F-Prime Capital.
Launched in 2019, Vendr has now facilitated more than $300 million in SaaS purchases across 1,000+ suppliers, for customers like HubSpot, Canva, and The Washington Post. By empowering buyers to purchase SaaS with ease, Vendr is building the future of frictionless B2B sales. With this latest round of financing, Vendr will double down on product expansion and open international operations to service its growing list of global customers.
Why B2B sales is broken and how Vendr is changing the game for the buyer
“We are building the path to the holy grail of sales,” says Ryan Neu, Vendr Founder and CEO. “We believe that B2B buying can and should resemble e-commerce transactions. But today, the average SaaS sales cycle takes 85 days. This is a failure for both buyers and sellers of SaaS — it’s epically inefficient. Partnering with Tiger Global allows us to chase our dream of reinventing B2B sales — starting with the buyer.”
“Companies are becoming increasingly reliant on SaaS, and with that comes material cost and time inefficiencies,” says John Curtius, partner at Tiger Global. “Vendr is a tried-and-true way to reduce an organization’s SaaS expense while freeing up internal stakeholders to spend time on higher-value activities. Vendr is quickly becoming the de facto way to buy SaaS.”
Capital efficiency now has a seat at the table
The economic impact of COVID-19 has placed capital efficiency at the forefront of many companies’ priorities, creating tailwinds for Vendr’s SaaS buying platform. The company also continues to experience organic growth through the rise of the SaaS industry overall. According to Gartner, global enterprise software spend will reach $505 billion in 2021 and is set to grow 9.5% YoY. With finance leaders focused on capital efficiency and with the SaaS economy’s exponential growth, Vendr’s SaaS buying platform makes it a much-needed resource.
Vendr is forever changing how companies buy and renew SaaS. With over $300+ million in SaaS purchases across 1,000+ suppliers, the Vendr SaaS buying platform enables the world’s fastest-growing companies to purchase SaaS, without friction and at a fair price. Headquartered in Boston with a second location in Charleston and over 50 employees, Vendr is a privately held company founded in 2019 by Ryan Neu. Read more at vendr.com.
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