Vertice raises £19.7m in Series B funding led by 83North and Bessemer Venture Partners
The Series B round was led by 83North and Bessemer Venture Partners to support international expansion and product innovation.
Vertice operates an integrated software and cloud spend management platform designed for finance and procurement leaders. The company helps enterprises automate procurement workflows and secure cost savings.
Vertice has secured £19.7m in Series B funding from returning investors 83North and Bessemer Venture Partners. The capital injection follows a period of rapid revenue expansion and will support the company as it scales its product development and international footprint.
The business has grown its annual recurring revenue significantly over the past year while maintaining capital efficiency. The latest financing brings its available cash reserves to $40m and follows previous backing from the same venture firms.
With the new funds, Vertice plans to hire over 150 staff across multiple regions and expand its technology stack capabilities. The platform currently manages more than $1.1bn in software and cloud expenditure for clients globally.
Use of funds
- 01Continue product development
- 02Expand into international markets
- 03Grow the team
