Prosus Leads $11M Series A Financing of Spendflo
Gunderson Dettmer represented client Prosus Ventures as it led the $11 million Series A financing of Spendflo, a SaaS buying and management platform, together with Accel. Spendflo, which serves customers across North America, Europe, Asia Pacific, and the Middle East, helps fast-growing businesses buy, manage and secure SaaS through its all-in-one platform. The new capital will be used for product and global expansion, with the aim to further develop the North American market.
In the announcement of the transaction, Head of India Investments at Prosus Ventures Ashutosh Sharma said, “Outsourced SaaS procurement and management is emerging as a dominant area of interest for organisations, driven by a complex SaaS stack and need to rationalise cost base. We’ve tracked Spendflo’s journey since their initial days. We are extremely impressed with the team and its pedigree, product platform and features evolution, and roster of marquee logos globally. We are confident in their ability to become a ‘single source of truth’ for SaaS customers by offering value-added features around infosec compliance, cloud cost optimisation and cybersecurity.”
The Gunderson Dettmer deal team was led by Jonathan Pentzien and included Kinnari Sahita and Lim Jun Heng.