Vendr operates a SaaS buying platform that combines product and people-powered services to help companies identify, purchase, and manage software. The platform acts as an extension of finance and procurement teams, negotiating on customers' behalf and guaranteeing savings, with an average 9x ROI reported. Vendr says it has handled over 10,000 software transactions and processed over $1B in software spend, delivering over $200M in software savings. Its data from 500+ customers shows enterprise-sized customers spend over $350,000 per month on close to 300 SaaS tools, and that spend has doubled over the last four years. Vendr emphasizes reducing risk by detecting and tracking software usage to prevent lapsed renewals, duplicative purchases, and security or compliance gaps. Founded in 2019 and headquartered in Boston with a second location in Charleston, the company has over 250 employees and serves customers including HubSpot, Brex, Canva, Reddit, and Toast. Vendr operates a SaaS-purchasing service that stands between buyers and software vendors to speed transactions and lower customers' software costs. It charges customers between 1% and 5% of the software spend it manages and says customers save more than its fees while reducing procurement time. Vendr grew just under 5x in 2020 and was cash flow-positive that year; TechCrunch reported it was profitable at the time of its mid-2020 seed. The company scaled headcount from about 10 to 60 over the year and said it raised capital to build a stronger balance sheet. Vendr declined to share specific plans for expanding into the selling side of the market. TechCrunch noted the model can help sellers close deals more quickly and at a higher rate, which may offset price differentials. Vendr helps companies save money on software purchasing, both net-new deals and renewals, by combining service and software. The business began as a consultancy and has become increasingly software‑powered; the team aims to shift from a tech‑enabled service to a service‑enabled technology company. Vendr charges customers yearly rates in the five‑ and six‑figure range for its cost‑control service. The company is profitable and has more than doubled its revenue and customer base since October, with the CEO saying customer additions are now accelerating non‑linearly. Vendr has raised $6.1 million to date and, per the CEO, retains nearly all of that capital in the bank. The startup plans to use new funding to build more of its own software, which the company expects will boost gross margins. Vendr offers subscription-based software, priced by company headcount, that helps fast-growing businesses buy and manage enterprise SaaS without a traditional sales process. The product is designed to remove persuasion-driven sales and let companies transact software similarly to consumer purchases. Founded by Ryan Neu (formerly head of enterprise sales at InVision and previously at HubSpot), the startup operates with a six-person team and serves 19 customers including Canva, Grammarly, GitLab, Brex, HubSpot and InVision. Vendr is already profitable and has reached $1 million in annual recurring revenue, with monthly recurring revenue of $96,500 and growth of about 15% month-over-month. The company says it aims to avoid further outside funding and to control its own financial destiny. The business targets replacing traditional enterprise sales workflows by making software procurement self-serve.

Total raised

$216M

Funding rounds

4

Latest round

Series B

Latest activity

Jun 2022