Vertice Secures $50M to Advance AI-Powered Spend Platform

Deal News | Jan 22, 2025 | 83north (formerly greylock il)

Vertice, a London-based startup specializing in AI-powered expenditure management, has recently raised $50 million in a Series C funding round. Led by Lakestar with participation from Perpetual Growth, CF Private Equity, and existing investors including Bessemer Venture Partners and 83North, this investment positions Vertice firmly within a lucrative market projected to see significant growth in the coming years. The three-year-old company aims to streamline procurement processes across various business sectors through a unified platform that integrates AI to predict purchasing needs and savings opportunities, addressing inefficiencies in current procurement practices. Founders Roy and Eldar Tuvey bring a track record of successful technology ventures, previously selling companies to giants like Cisco and Jamf. Vertice's growth has seen its customer base expand across Europe, the U.S., and Asia Pacific, boasting clients like ASML and Santander. With Gartner forecasting a near $5 trillion spend in related markets by 2025, Vertice stands poised to capitalize on the demand for smarter, AI-driven procurement solutions.

Sectors

Software as a Service (SaaS)
Artificial Intelligence
Financial Technology

Geography

United Kingdom – Vertice is a London-based startup, indicating its primary operations and business activities are centered in the UK.
United States – Vertice has expanded its client base to include various companies in the United States, marking it as a significant location for its market.
Europe – With a presence in Europe, Vertice has grown its client base across this region, aligning with its strategic market expansion.

Industry

Software as a Service (SaaS) – Vertice operates in the SaaS industry, offering a platform that standardizes the procurement process for software and cloud services using AI-driven solutions.
Artificial Intelligence – AI is a core component of Vertice's platform, utilized to optimize and predict corporate spending needs and streamline procurement processes.
Financial Technology – Vertice's technology aids financial teams within companies to save money and accelerate purchase decisions, which falls within the broader fintech space.

Financials

$50 million – Amount raised in Vertice's Series C funding round led by Lakestar.
Around $500 million – Estimated valuation of Vertice following its Series C funding.
Around $100 million – Total capital raised by Vertice to date.
$3.4 billion – Value of SaaS and cloud expenditure data ingested by Vertice’s platform.

Participants

Name	Role	Type	Description
Vertice	Target company	Company	A London-based startup focused on AI-powered spend platform to optimize corporate software and cloud expenditure.
Lakestar	Lead investor in Series C	Company	A venture capital firm that led the latest funding round for Vertice.
CF Private Equity	Investor	Company	Participated in the Series C funding round for Vertice.
Perpetual Growth	Investor	Company	Invested in Vertice's recent Series C funding round.
83North	Existing investor	Company	A venture capital firm and previous investor in Vertice that participated in the Series C round.
Bessemer Venture Partners	Existing investor	Company	A venture capital firm that has invested in Vertice, including participation in the Series C funding round.
Roy Tuvey	CEO and Co-founder	Person	Co-founder and CEO of Vertice, leading the company's mission in AI-powered expenditure management.
Eldar Tuvey	Co-founder	Person	Co-founder of Vertice with a history of successful exits in prior ventures.
Georgia Watson	Lead at Lakestar	Person	Lakestar partner who led the Series C funding round for Vertice, noting industry interest due to the company's potential savings solutions.
Gartner	Competitor and Industry Analyst	Company	An advisory firm that offers similar platforms and has provided growth forecasts for the expenditure management market.