Boston-Based Startup, Vendr, Opens New Office in Charleston, SC

Procurement

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December 3, 2019

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The company plans to expand its engineering and customer-facing teams in 2020. Jeff Swank, Head of Vendor Management at Vendr and College of Charleston alumnus, will be leading local operations for Vendr’s new office in the Flagship WestEdge building downtown.

Of the announcement, Swank says “Vendr’s mission is to make software purchasing seamless, and to do that, we need great people who deeply care about making our customers’ lives easier. That’s why I’m excited to grow our team here in Charleston. Having spent the past 15 years in Charleston, I’ve seen how much talent there is here, and the tech community is only getting bigger. We’re looking forward to being a part of it and building an anchor team here locally.”

Vendr was founded in Boston in 2018 by College of Charleston alumnus, Ryan Neu. After running sales teams at high-growth tech companies HubSpot and Invision for eight years, Neu recognized that the way people were buying software was broken. After gaining early traction by acquiring customers like HubSpot, Draftkings and InVision, Vendr was selected to participate in Y-Combinator's 2019 summer class which helped the company raise a $2M round in September 2019.

Related: Putting a name to a feeling: Meet Vendr's core values

Today, Vendr’s investors include F-Prime Capital, Ashton Kutcher’s Sound Ventures, Joe Montana’s Liquid 2 Ventures, Garage VC and angel investors including Canva co-founder Cliff Obrecht and HubSpot COO JD Sherman.

Learn more about Vendr at www.vendr.com and follow the company on LinkedIn for future updates.

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Procurement

Boston-Based Startup, Vendr, Opens New Office in Charleston, SC

The company plans to expand its engineering and customer-facing teams in 2020. Jeff Swank, Head of Vendor Management at Vendr and College of Charleston alumnus, will be leading local operations for Vendr’s new office in the Flagship WestEdge building downtown.

Of the announcement, Swank says “Vendr’s mission is to make software purchasing seamless, and to do that, we need great people who deeply care about making our customers’ lives easier. That’s why I’m excited to grow our team here in Charleston. Having spent the past 15 years in Charleston, I’ve seen how much talent there is here, and the tech community is only getting bigger. We’re looking forward to being a part of it and building an anchor team here locally.”

Vendr was founded in Boston in 2018 by College of Charleston alumnus, Ryan Neu. After running sales teams at high-growth tech companies HubSpot and Invision for eight years, Neu recognized that the way people were buying software was broken. After gaining early traction by acquiring customers like HubSpot, Draftkings and InVision, Vendr was selected to participate in Y-Combinator's 2019 summer class which helped the company raise a $2M round in September 2019.

Related: Putting a name to a feeling: Meet Vendr's core values

Today, Vendr’s investors include F-Prime Capital, Ashton Kutcher’s Sound Ventures, Joe Montana’s Liquid 2 Ventures, Garage VC and angel investors including Canva co-founder Cliff Obrecht and HubSpot COO JD Sherman.

Learn more about Vendr at www.vendr.com and follow the company on LinkedIn for future updates.

Sam Gorgone

Procurement

Vendr's 2020 Pledge: Saving money and donating meals

One positive from 2020 is how priorities have shifted - the year has reframed what’s truly important and helped us all better recognize what we’re thankful for.

At Vendr we believe all companies - both large and small - have an opportunity to give back to those that are less fortunate. The greatest benefit of good fortune? Having the opportunity to give back and help others who are in need.

This holiday season we officially launched our first-ever Vendr Volunteers effort.

As a company, we wanted to meaningfully give back in a way that aligns with our values as a company. With a core value to “spend our customers’ money like it’s [our] own,” and a core strength of “Saving Money on Software,” we wanted to tie the two together for charity.

The Cause:

In a typical year, it’s estimated that food insecurity impacts 1 in 9 Americans - that’s over 37 million individuals, including more than 11 million children. COVID-19 has impacted that significantly, and more families are in need of food than ever before.

The Challenge:

Between November 15th and December 15th, we launched an internal campaign to raise funds for The Greater Boston Food Bank and The Low Country Food Bank of South Carolina. (We picked Boston and Charleston because those are where our two “offices” are located.)

For every $1M we saved our customers during this 30-day challenge, we pledged to donate $1,000.

The Result?

In one month, our team raised over $9,000 for Boston and Charleston's food banks, through a combination of our savings pledge and team contributions. 

Here's what our customers had to say: 
“At Attentive, we are always looking for ways to give back to the community and the events of this year have made that even more of a priority for us. We are proud to partner with companies who feel the same, and applaud Vendr for this impactful campaign.” - Brandon Simins, Vice President of Finance

“We’re proud to be partnered with small companies like Vendr who see the importance of providing back to our vibrant Boston community, all while helping Salsify streamline and scale our relationships with our software suppliers.” - Mary Jefts, CFO

Thank you to The Greater Boston Food Bank and The Low Country Food Bank for their dedication to helping organize resources for those in need. 

“We are so grateful to Vendr and its employees for their tremendous commitment to helping end hunger. This gift to The Greater Boston Food Bank will help us meet the increased need for food that has resulted from the COVID-19 pandemic. More families and individuals are in need than ever before and financial support like this fuels us toward our mission to end hunger here.” - David Giagrando​, Senior Director of Development.

Here’s to an incredible 2021, including more savings, more volunteering, and guaranteeing that there’s a new way to buy software

 

Gabrielle Dalvet

Procurement

What our Series A means for the future of SaaS buying

We’re proud to announce that we raised $60 million at a $600 million valuation for our Series A. What we’re most excited about: Forever changing the way people buy and sell B2B SaaS.

We’ve all been there — we have a job to be done and need a SaaS product to solve for it. We find one we love, wait days to get a demo, spend hours trying to understand intricate pricing, and battle for weeks with finance, legal, and security to push the purchase through. On average, people spend 85 days — almost three months — slogging through the SaaS purchasing process.

Best case scenario, by the time we purchase and onboard a new tool, the team’s lost momentum and adoption fades. Worst case, we never end up buying, leaving wasted time on both the buy and sell-side. The latter happens more often than not with deals falling apart four out of five times.

What if we lived in a world where anyone in a company could find and purchase the SaaS they need — transparently, instantly, and at a fair price, all while seamlessly and magically navigating the internal procurement process with finance, legal, and security? 

Buyers gain immediate access to pivotal tools and have time to focus on the work that matters. Sellers find the holy grail of sales: a 0-day sales cycle and 100% close rates. 

Enter Vendr.

Vendr Series A Boston Leadership Chau, Lilly, Stephanie, Ryan

Some members of Vendr's Boston-based leadership team, left to right:
Chau Nguyen, Lilly Bacher, Steph Prevost, and Ryan Neu

We are becoming the trusted way to buy (and sell) SaaS

Vendr launched in 2019 and in a mere two years, we’ve facilitated more than $300 million across 2,500+ SaaS transactions with 1,000+ SaaS suppliers. We’ve grown from a handful of people to over 50 in February of 2021. And in the last year, our revenue has grown at 5x — all while maintaining positive working capital. 

Here’s what some of our customers have to say about the Vendr experience:

"In my opinion, Vendr is the way that every high-growth company should be negotiating SaaS contracts."

— Dave Vital, Finance at Drift

"Vendr helps us align to a consistent process and frees up our time to handle higher-value work."

Michael Denari, Procurement at Canva

"Vendr allows individuals to acquire software so much faster and with much greater efficiency - it's just a win-win for anybody."

— Peter Day, IT & Compliance at Mixpanel

The value we bring to our customers every day, from our product to our customer team, almost sounds too good to be true. But we guarantee to save you cash, with customers gaining up to six times the cost of Vendr back in savings within their first year.

As for suppliers, we aim to create an environment where every salesperson who sees Vendr on a deal breathes a sigh of relief, knowing we’ll help them close quickly. We know our approach works when we receive comments like this one daily: 

“It was a pleasure working with you on this process, thanks again for making it so predictable and streamlined. Hope we get to work with you and Vendr again.” 

We’re the ultimate mediator, cutting through the noise on both the buy and sell-side to find the fastest path to what both parties need and want. And it’s working.

 

The investors joining us in our Series A

Today marks another proof point in our journey as we’ve secured a $60 million Series A led by Tiger Global, with help from existing investors Craft Ventures, Garage Capital, Sound Ventures, and Y Combinator.

We’re very thankful to be sharing this news. It’s inspiring to be working with such prominent firms to build out a better B2B world, focused on the buyer.

We plan to use our funding to expand our product within the Vendr platform and grow the business internationally to support our ever-increasing list of global customers. 

The market shows no signs of slowing, with COVID-19 leaving a lasting impact and focus on capital efficiency. Gartner projects enterprise SaaS to reach $505 billion in 2021 and increase by 9.5% year over year. New SaaS solutions will continue to appear and companies will continue to purchase them to optimize the friction-filled nuances of their business.

All of which gives us even more motivation to continue our mission.

 

The frictionless B2B world we’re building

Our Founder and CEO Ryan Neu first encountered the pain points that inspired Vendr after a decade of selling SaaS at some of the world’s fastest-growing companies. “I experienced the inefficiencies of buying and selling SaaS firsthand,” Neu said. “It amazed me how challenging it was to transact. I decided it was time to create a new way to close B2B purchases, starting with SaaS.”

We hope to cure the friction that exists for all parties involved in a B2B SaaS transaction, including the core buyer, stakeholders in finance, legal, and security, and the supplier. We believe there is a win-win scenario in every deal and we know when it’s possible with the right information from all sides. 

Our dream is to build a world where purchasing SaaS as an employee of even the most complex companies is as simple as buying a smoothie with your smartphone — like magic.

Vendr Series A Chau, Ryan, Stephanie, Lilly

What this means for our customers

We’ll always continue to be obsessed with saving our customers money and promoting kindness as a competitive advantage. Beyond those core principles, we are excited to double down on building out our product as a major resource for customers to tap into as they shop, buy, renew, and assess their SaaS stack.