Spendflo, a SaaS buying platform, said on Tuesday that it had acquired $4.4 million in initial investment from Accel India and founder-focused venture partner Together Fund.
BoldCap and Signal Peak Ventures participated in the round, as well as a group of entrepreneurs from businesses including Airbase, Zuora, Ivanti, CleverTap, and Slintel.
Spendflo is a vendor-agnostic platform that allows firms buying SaaS software to consolidate contracts, get visibility into spending, manage renewals, and achieve guaranteed savings on their SaaS software purchases.
Spendflo was part of the first Accel NSE -0.51 percent Atoms cohort, a $250,000 program that provides financing, coaching from seasoned entrepreneurs, and community support to pre-seed firms. It has saved consumers over 23% on their SaaS product purchases in the previous six months. Spendflo has been assisting numerous fast-growing firms with their SaaS procurement for less than a year, including Airmeet, Crownpeak, LambdaTest, and others.
As per reports, Founder and CEO Siddharth Sridharan told that the start-up sees a $23 billion market opportunity, despite the fact that the oldest competition, US-based Vendr, is only 3.5 years old.
