COLOGNE/NEW YORK — Today, Sastrify announced our  $32 million Series B financing round led by Endeit Capital, with participation from Simon Capital and previous investors HV Capital, FirstMark Capital, and TriplePoint Capital. 

The additional funds will go towards scaling the global team focused on the United States and Europe and further accelerating product development to support mid-market and enterprise customers. Sastrify has been a strong force in Europe since first launching in mid-2020, growing more than 400% in the past year fueled by a focus on clear return on investment for our customers. 

SaaS sprawl continues to pose a significant risk to companies worldwide. According to industry research, more than $200 billion and 3.9 billion working hours will be wasted on software buying in 2023, while one in five companies will have experienced a cyber event related to shadow IT. 

According to Sastrify data, the typical company overspends by more than 30 percent on their SaaS costs and wastes more than 400 hours per year on managing their SaaS contracts.

Sastrify’s all-in-one platform allows users to centralize, visualize, and automate their entire SaaS procurement journey. We’re powering SaaS procurement for fast-growing companies like sennder, OnRunning, Babbel, and Pleo, and are positioned to continue to expand our services in the US, already serving US customers such as Capchase, a non-dilutive financing provider to SaaS companies.  

This fundraising coincides with an expansion of our core product offerings to provide automated Usage Analytics as well as the launch of the Sastrify Marketplace, which includes flexible payment and financing options. We also recently announced a partnership with Capchase to provide flexible financing for SaaS licenses.

With the launch of our exclusive pre-negotiated commercial offerings via the Sastrify Marketplace, teams can find and evaluate tools, streamline their procurement processes, optimize their SaaS stack, and make insights-driven decisions. 

With expanded Usage Analytics, companies benefit from having full transparency into their SaaS stack—visibility which in turn allows them to eliminate unnecessary or bad-fit tools and discover better alternatives. 

We’ve built a platform that enables procurement, finance, and IT teams to fully optimize all aspects of their software procurement. Our hundreds of customers around the world have validated our platform as the comprehensive SaaS procurement solution. We’re positioned to grow our team and continue to work with companies to focus and accelerate their efforts to reduce their risk, save hours per week, and save up to seven figures on their SaaS costs.

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“As a result of the rise of SaaS Solutions, accelerated Digital Transformation due to Covid and the current global economic climate, scalable SaaS management has become table stakes for running a successful company. We believe Sastrify’s platform is very well positioned to capitalize on this trend,” said Philipp Schroeder, partner at Endeit Capital,” said Philipp Schroeder, partner at Endeit Capital.

“FirstMark invests in companies like Airbnb, Pinterest, and Shopify that can transform massive markets with technology. Sastrify’s accelerated growth and compelling product/market fit with global customers has cemented our belief in the company’s position to be the #1 global SaaS procurement solution,” said Adam Nelson, Managing Director, FirstMark.

“Most grown-up and mature companies are just at the beginning of their SaaS adoption curve. At the same time, they are facing an increasingly complex SaaS landscape that won’t make their procurement lives any easier. We believe that Sastrify’s platform can effectively empower these enterprises to cope with this new complexity,“ said Jan Leicht, partner at Simon Capital.

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For more information, visit Sastrify.com

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About Sastrify

Sastrify is a digital procurement platform for Software-as-a-Service (SaaS) products. Founded in 2020 by serial entrepreneurs Maximilian Messing and Sven Lackinger, Sastrify helps companies get the best deals when buying and renewing SaaS subscriptions. The Sastrify platform enables procurement, IT, and finance teams to work together seamlessly, benefitting from best-in-class buying processes, partnerships with leading SaaS vendors, and an ever-growing database of price benchmarks. Backed by top-tier investors including Endeit, FirstMark, HV Capital, Simon Capital, and TriplePoint Capital.

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About Endeit Capital

Endeit Capital is a growth capital firm fueling internationalization and innovation since 2006. With local Partner teams in the Netherlands, Germany and Sweden, Endeit specializes in boosting European tech scale-ups that have outgrown the start-up phase. Endeit and its community of entrepreneurs and experts supports these companies with capital and management guidance to reach maturity. Some investments are for example ParcelLab, 3DHubs, Navan, Contorion, Gastrofix and TourRadar. Endeit’s Partners draw on their broad operational experience in branding and internationalization, especially via buy & build. For more information, please visit: https://endeit.com

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About FirstMark Capital

FirstMark Capital is an early stage venture capital firm based in New York City. Our mission is to partner with exceptional entrepreneurs who are changing the world by solving meaningful problems. We have built a deeply engaged community among the extraordinary teams in our network to spread ideas and opportunities. We are privileged to work alongside the founders of remarkable businesses like Pinterest, Shopify, Riot Games, InVision, Airbnb, and dozens more. Visit us in New York City or online at firstmarkcap.com and @firstmarkcap.

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About HV Capital

‍Since 2000, HV Capital has invested in Internet and technology companies through various generations of funds and is one of the most successful and financially strongest early-stage and growth investors in Europe. HV Capital has already invested in around 200 companies, including Zalando, Delivery Hero, FlixMobility, Depop and SumUp. The total of all HV Funds amounts to €1.7 billion. The company supports startups with capital between €500,000 and €50 million. This makes HV Capital one of the few venture capitalists in Europe that can finance startups through all growth phases. Learn more at hvcapital.com and @hvcapital.

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About Simon Capital

Simon Capital is an early-stage VC fund based in Germany. The fund invests in driven founders who reshape their industries across consumption, wellbeing, and productivity. Simon Capital makes use of its broad network and expertise rooted in an entrepreneurial heritage to lift new generations of sustainable businesses. The fund follows an active portfolio approach, where capital means more than just mere money; investments so far include e.g., waterdrop, Just Spices, MushLabs, Holy, and Ordio. If you are interested to learn more about Simon Capital, please visit https://simoncapital.com/ and follow them on LinkedIn.