Sastrify Secures $15M from Firstmark Capital to Continue Transforming the SaaS Industry
Sastrify will double down on international expansion with FirstMark Capital leading a $15M Series A to bring total funding to $22M.
- Sastrify allows tech, finance, and procurement teams to select, buy, and manage their SaaS subscriptions through one single platform.
- Only 5 months after a $7M seed round led by HV Capital, Sastrify announces its $15M Series A led by NYC-based FirstMark Capital.
- Within only a year of operation, Sastrify has served over 100 clients like unicorns Gorillas, pleo, and sennder. It also became an official partner to more than 50 SaaS providers, including Google, Miro, and 1Password.
Cologne - January 13, 2022. The new year is starting strong for Sastrify with another successful fundraising event. Our team is happy to announce the completion of a $15 million Series A led by NYC-based firm FirstMark Capital, a well-known backer of industry leaders like Shopify, Pinterest, and Airbnb.
“When we met the team at FirstMark, we were deeply impressed by their shared vision for the future of software procurement as well as their track record of backing iconic companies,” says Sven Lackinger, Co-Founder at Sastrify.
This breakthrough comes only five months after Sastrify raised $7M with the support of HV Capital and various angel investors. Today, we have a total amount of $22M to make our vision for the SaaS world a reality. Already achieving more than 30% month-over-month revenue growth, Sastrify will use this new seed as an opportunity to double down on international expansion.
Sastrify’s main mission is to provide digital-first companies with an all-in-one platform to manage their SaaS ecosystem. Clients can then have a seamless SaaS procurement process, from optimizing existing contracts and managing renewals to browsing for new tools and more.
“Companies are wasting billions of dollars and some of their most valuable employee time trying to discover, curate, and procure their technology, and Sastrify is tackling this problem by giving the power back to procurement teams through data and automation,” states Adam Nelson, Managing Director at FirstMark. “Ultimately, we see the emergence of a modern, network-enabled, software purchasing stack with Sastrify at its core.”
Our journey in 2021 positioned Sastrify as the leading automated SaaS procurement platform in Europe. In a short period, we onboarded over 100 clients, including brands like Gorillas, pleo, sennder, Runtastic, McMakler, and other leading companies.
Sastrify actively cooperates with numerous SaaS vendors including Google, Miro, 1Password and integrates with major accounting and spend management software. Recently, Sastrify also partnered with Capchase to enable flexible payment and financing for clients in order to improve customer experience through better payment options.
The bigger Sastrify becomes, the faster our team grows. Over 60 Sastronauts are working fully remote from more than 10 different countries. We are always open for talents to join the ship no matter where they are. If you’re interested in being part of our team, find all current openings at Sastrify right here. Our passion is all about helping clients buy SaaS subscriptions cheaper, less, better, and faster. The new capital will enable Sastrify to grow our global footprint of software vendors and buyers, supporting the ultimate vision of saving time and money on SaaS.
“Software is among the top three cost categories for most companies (...) managing commitments, payment, and cash flow for SaaS contracts are already some of the hardest challenges tech companies face,” says Jasper Masemann, Partner at HV Capital. According to Gartner, SaaS remains the largest market segment and is forecast to exceed $171B in 2022. Public cloud services as a whole are expected to grow 21.7% this year, reaching $482B.
Sastrify was founded in Summer 2020 by serial entrepreneurs Maximilian Messing and Sven Lackinger in Cologne, Germany. Sastrify supports CTOs and CFOs as well as their teams in buying and renewing SaaS subscriptions. They can focus on what matters while Sastrify saves them time and money by applying best practices in SaaS buying and using a dedicated procurement team that benefits from a large database of benchmarks. More information can be found on sastrify.com and @sastrify.
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.
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.