Spendflo, a SaaS buying and optimization platform for CFOs and finance leaders to procure, manage and save on their SaaS expenses, announced today that it has raised $4.4M in a seed funding round by Accel India and Together Fund. The funding round also saw participation from investors such as BoldCap and Signal Peak Ventures along with founders and operators from companies like Airbase, Zuora, Ivanti, CleverTap, Slintel, LamdaTest, Haptik, Wingify, and more. Spendflo intends to use the seed fund to double down on GTM and engineering efforts. The company plans to hire thoughtfully, continue its growth momentum, and accelerate efforts to make SaaS buying effortless.
Spendflo’s founding team comes with extensive experience across the SaaS landscape. Siddharth Sridharan, Founder, and CEO at Spendflo, was an early employee at Volta Charging. He headed the Business Operations team and handled millions of dollars in SaaS procurement and management at Volta. Rajiv Ramanan, CRO at Spendflo, led multiple non-linear growth channels at Freshworks, such as the startup program and technology partnerships. Ajay Vardhan leads Spendflo’s engineering team. Previously, he was the first engineer at Tone and was a vital part of engineering efforts at Tone until their acquisition.
Spendflo was part of the first cohort of Atoms – a program by Accel to support pre-seed startups with USD 250,000 in non-dilutive capital, mentorship from established founders and entrepreneurs, and a community to help them grow.
In a statement, Dinesh Katiyar, Partner at Accel India, said, “Pay-by-use SaaS tools have been a boon for companies worldwide. They’re all rapidly shifting towards vendors that offer these tools. However, this mass exodus to SaaS has created a new challenge. Instead of centralized procurement workflows, we now have each business function buying what they need. They overspend through unoptimized pricing plans, under-utilized tiers, and unused licenses. Spendflo is committed to bringing back spending efficiency without compromising business velocity. We’re impressed by Spendflo’s vision of how software purchasing can and should be in the future, and we are delighted to be part of their journey.”
Managing Director at Together Fund, Manav Garg, added, “With the adoption of SaaS tools increasing rapidly across sectors, managing SaaS contracts is also becoming a major challenge for fast-growing companies. The team at Spendflo will simplify managing SaaS procurements (buying and renewing) and help save companies on their SaaS expenses. Spendflo helps turn SaaS procurements into a tactical driver of business growth. Together Fund is excited to back them and help them scale.”