It can be difficult for companies to determine which SaaS (SaaSes) they should use, given the amount of startup activity within this software-as-a-service (SaaSes) market. These SaaSes are useful enough to continue spending. Sastrify, a Cologne-based startup that offers “highly automated” platforms (which include some 20,000+ SaaS options) for helping businesses manage third party services and procurement.
Although it may not seem like the most attractive startup, Sastrify has already been cash-flow-positive since its launch earlier in the year. It can boast “a high 6-digit annual recurring income” within a matter of months. This is a great result for a startup which was founded in the summer of 2013.
It announced today that it has closed a seed round of $7M from HV Capital, the founders and co-founders of FlixMobility Personio, SumUp and SumUp. __S.7__
Sastrify says it currently has 50 customers, including unicorn startups such as Gorillas. Sastrify claims its method works best when growing businesses with more than 100 employees and it is especially well-suited for European scale ups of tech.
The startup points out US-based Vendr or Tropic as competitive, which could explain why the focus is so much on Europe.
Sastrify claims that its customers are seeing an average 6.5x return on investment. This is in addition to the fact it says they have saved “thousands” of hours from SaaS procurement.
Another incentive is cost savings. The startup claims that its customers “typically” save between 20-30% on their SaaS costs.
How does this make it simpler for companies to understand the pros and cons of all the SaaS(es), now available?
Sven Lackinger co-founded the SaaS startup evopark, which he left in 2018.
We have a five-step process that covers the entire life cycle of SaaS apps within companies. While our clients search for suitable SaaS solutions, we help them to evaluate each use case and tool. What are other similar businesses using SaaS solutions? (
We then handle the entire buying process. This includes automatically reaching out and benchmarking offers for different vendors. We make it a habit to monitor usage (via automated surveys sent to tool owners), and to reevaluate the licenses over time to ensure there’s no waste.
We have an automated platform that is better than Vendr or Tropic and we can also directly resell licenses (e.g. He also explains that he has a better platform than Vendr and Tropic to offer the best pricing and fastest delivery. He also explained that this allows him to provide a quicker and more affordable solution, which is better suited for the European market. (where SaaS costs per company are still lower than the US).
You might consider outsourcing some of the other tasks to SaaS companies.
Sastrify’s 30-strong team will use the seed money to increase sales, marketing, and product development so that it can offer its SaaS management services to other companies across Europe.
Jasper Masemann (partner at HV Capital), commented on the funding by saying: “Cloud Software adoption is massively acceleration and almost every business nowadays uses SaaS software but doesn’t buy or manage them efficiently. The team’s remarkable growth in Sastrify is a testament to the wide customer value they have already built. Although it is still early, Sastrify has the potential to create an SAP Arriba that offers a payment solution specifically for SMBs – which would be a huge market in Europe .”
Publited at Fri 27 August 2021, 14:34.05 +0000