Cloud spend management platform Vertice has secured $25m (£19.7m) in funding to significantly increase its headcount.
Founded in 2021, Vertice provides tools for businesses to track and manage their software and cloud spend. Its platform analyses the software as a service (SaaS) spend of a company and calculates ways to reduce expenditure.
The Series B funding was led by investors 83North and Bessemer Venture Partners.
It brings the total funding raised by Vertice to $51m since January 2022, when it emerged from stealth with a $26m raise – also led by 83North and Bessemer Venture Partners.
Vertice said it plans to use the additional capital to hire for over 150 new roles in 2024. They will be spread across the US, EMEA and APAC.
The London-based company will also invest in its platform, which Vertice claims gives customers an average cost saving of up to 25%.
“This next chapter will be about scaling into a business with a break-out trajectory and I have total conviction we will do so,” said Roy Tuvey, co-founder and CEO at Vertice.
“Our name comes from being in our customers’ corner and we are resolute in helping them operate more efficiently through the headwinds in the global economy.”
The funding round comes off the back of a difficult year for UK fintech funding, which was down by at least 54% on 2022 levels, according to data from VC firm Atomico.