Vertice Raises $50 Million to Expand Procurement Platform

Vertice has raised $50 million in a Series C funding round to expand the adoption and capabilities of its procurement platform.

The company will use the new funding to open new regional offices, triple its engineering team, and add more integrations and automations, it said in a Wednesday (Jan. 22) blog post .

Vertice aims to become “the integrated backbone of the procurement and finance stack,” Vertice Co-Founder and CEO Eldar Tuvey wrote in the post.

“By eliminating friction, we enable organizations to focus on growth and innovation while maintaining full, transparent control over their financial processes and procurement spend,” Tuvey wrote. “We believe this is best achieved by simplifying procurement with a unified orchestration layer enriched by data and insights that support better, faster buying decisions.”

Vertice’s platform is designed to help businesses regain control of efficient spending at a time when businesses are operating globally, vendors are multiplying, buying is increasingly decentralized and data is siloed, according to the post.

The platform provides accurate data, real-time pricing benchmarks, insights into best choices, alerts on maverick spend and collaboration tools for use throughout the procurement process, the post said.

Companies using the platform have seen savings of as much as 30%, curtailments in maverick spend and procurement cycles reduced by half, per the post.

Vertice’s latest funding round was led by Lakestar .

“Vertice has emerged as a recognized leader in procuretech, and their platform effectively reduces purchasing cycles, mitigates maverick spending, and cuts SaaS [software-as-a-service] and cloud costs significantly,” Lakestar said in a Wednesday post on LinkedIn. “This value proposition has been embraced by an impressive client roster featuring ASML, Santander, Euronext and others, and solidifies Vertice’s significant presence in the U.S., EMEA and APAC regions.”

Thirty-one percent of retailers and 42% of manufacturers are investing in upgrading their procurement technology, according to the PYMNTS Intelligence and Corcentric collaboration, “ Digital Payments: Modernizing Procurement Processes .”

In addition, another 53% of retailers and 44% of manufacturers plan to invest in procurement systems, the report found.

In October, procurement startup Zip secured $190 million in Series D funding for its platform that integrates workflows across various departments and facilitates collaboration throughout the procurement lifecycle.