Vendr Announces $60 Million Series A to Fuel the Future of SaaS BuyingStaff Report / Charleston Digital Corridor
Vendr, a privately held company founded in 2019 by College of Charleston graduate, Ryan Neu, is pleased to announce a successful Series A round of $60 million led by Tiger Global Management, with participation from existing investors Craft Ventures, Y Combinator, Sound Ventures, Garage Capital, and F-Prime Capital. This round follows a seed round of $6.1 million. The company with locations in Boston and Charleston currently employs over 50 staff.
Vendr is forever changing how companies buy and renew SaaS. With over $300+ million in SaaS purchases across 1,000+ suppliers, the Vendr SaaS buying platform enables the world's fastest-growing companies to purchase SaaS, without friction and at a fair price.
"We are building the path to the holy grail of sales," says Ryan Neu, Vendr Founder and CEO. "We believe that B2B buying can and should resemble e-commerce transactions. But today, the average SaaS sales cycle takes 85 days. This is a failure for both buyers and sellers of SaaS –- it's epically inefficient. Partnering with Tiger Global allows us to chase our dream of reinventing B2B sales –- starting with the buyer."
"Companies are becoming increasingly reliant on SaaS, and with that comes material cost and time inefficiencies," says John Curtius, partner at Tiger Global. "Vendr is a tried-and-true way to reduce an organization's SaaS expense while freeing up internal stakeholders to spend time on higher-value activities. Vendr is quickly becoming the de facto way to buy SaaS."
Vendr expects to use the capital proceeds to support further growth and expansion of the company. Learn more about Vendr and their career opportunities HERE.