Vendr, the world’s first SaaS buying platform, has raised $150 million in Series B funding, led by Craft Ventures and SoftBank Vision Fund and joined by Sozo Ventures, along with several others. The round propels Vendr to a valuation of $1 billion less than five years after its founding in 2018. The company helps buy, manage, and use SaaS platforms and currently serves more than 500 customers worldwide.
One of the drivers of Vendr’s growth is its ability to save its clients' money, promising a high average return on investment (ROI). The company claims to have saved its customers more than $200 million by simplifying the process of discovering the right software, buying it at a fair price, and managing their stack in a single system of record. In addition to driving efficiency, Vendr’s software helps protect companies from unseen security risks.
The company plans to use the capital infusion to accelerate platform development, help more clients cut costs, and reduce its risk during the current economic downturn.