$50M raised to simplify procurement

When we founded Vertice we wanted it to last, and it was clear that capital discipline and regaining control of inefficient spending were always going to be foundational principles for businesses whatever the economic environment.

If anything, the spotlight on efficient procurement is shining even more brightly than before, spurred on by high profile news cycles in our two largest markets, such as Elon Musk’s US government ‘DOGE’ and a UK government pledge to identify savings.

Scrutiny of spend has increased, while capability to deliver savings has not. Businesses operate globally. Vendors are multiplying with overlapping capabilities. Buying is increasingly decentralised. Data is siloed and actionable insights are rare - all of which undermine the fundamentals of best practice procurement: control, visibility and transparency.

Our mission

Modern procurement and finance teams need a flexible framework to help orchestrate how they buy, underpinned by accurate data to inform decision-making; real time pricing benchmarks; insights into best choice solutions; alerts on maverick spend; and the collaboration tools and analytics to finesse every stage of the process. We believe procurement platforms have so far failed to unite these requirements into a single seamless platform. 

Our vision

Vertice is looking to become the integrated backbone of the procurement and finance stack, empowering our customers to scale effortlessly and efficiently. By eliminating friction, we enable organizations to focus on growth and innovation while maintaining full, transparent control over their financial processes and procurement spend. We believe this is best achieved by simplifying procurement with a unified orchestration layer enriched by data and insights that support better, faster buying decisions.

It seems that businesses agree. In the last year, hundreds of procurement and finance leaders - including those at several Fortune 500 companies - have entrusted more than $3.4bn of their software, cloud and direct spend to our platform. In return we have delivered them savings of as much as 30%, curtailed their maverick spend and halved their procurement cycles. And as a result, we have grown more than 13x in two years.

We are delighted to announce that our phenomenal track record and category leadership has enabled us to achieve our next milestone: a $50m Series C financing. With Lakestar leading the round, along with Perpetual Growth and CF Private Equity and supported by existing investors Bessemer Venture Partners and 83North, our total raised now exceeds $100m (not bad for a company incorporated just 3 years ago).

So what’s next?

We are investing further and broader to deliver on our vision, opening new regional offices and tripling our engineering team. We are expanding our integrations and automations, adding capabilities such as document extraction, the biggest library of ready-to-use templates, and detailed workflow analytics - a command and control centre for purchasing teams to gain granular insights into their procurement performance and bottlenecks. 

We already provide incredible value to our customers - with many reporting a full ROI within just weeks of onboarding onto our platform - but we are perhaps most excited by how this funding will allow us to impact our customers’ businesses, removing obstacle after obstacle to simplified procurement. 

Lastly, we want to take this opportunity to thank our partners, supporters and of course our valued customers. But most importantly our employees, who are second to none in their dedication, professionalism and creativity. To fulfil our ambitions, we need to double our incredible team so if you are talented, determined and want to join one of the fastest growing technology companies, we’d love to hear from you.

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Eldar & Roy Tuvey

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