U.S. enterprise software vendor management platform VendorHawk Inc has raised a US$1.2 million seed-stage financing. The round was led by Canadian early-stage venture capital firm iNovia Capital. It was joined by Techstars Ventures, Social Starts, Telos Ventures, Curious Capital and Alliance of Angels, as well as several angel investors. Founded in 2015, VendorHawk’s platform helps organizations manage and optimize their software-as-a-service (SaaS) products. The Seattle, Washington startup recently completed the Techstars Seattle 2017 class.
VendorHawk Announces $1.2M Seed Round to Expand its Software Vendor Management Platform
SEATTLE – (June 29, 2017) – Enterprise software vendor management platform VendorHawk announces a seed round of $1.2M to help IT, procurement, and finance professionals more effectively manage the broad range of SaaS products in their organization. The round was led by IT-focused, iNovia Capital and also includes Techstars Ventures, Social Starts, Telos Ventures, Curious Capital, and Alliance of Angels. Additionally, VendorHawk is backed by an impressive list of tech founders including Darrell Cavens (CEO of Zulily), T.A. McCann (Founder of Gist & Rival IQ), John Case (CEO of Unify Square, former Microsoft Office365 exec), Jon Roskill (CEO of Acumatica, former head of Microsoft Worldwide Channel), Chris Stolte (Co-Founder/CTO of Tableau) and others.
“IT, procurement, and finance leaders are feeling buried trying to manage the proliferation of SaaS products across their organizations. They waste way too much time & money trying to make sense of it all,” stated Patrick Lowndes, VendorHawk Co-Founder & CEO. “VendorHawk helps reduce that waste by managing vendors and licenses in one cloud-based platform. For example, for a midmarket company with 150 apps, we uncovered more than $120,000 of unused software licenses for one of their apps in a 60-second demo. These dollars were “under-performing“ to say the least, but our product helped them drive more usage of licenses, and also prepared them to realize six figure savings at renewal time.”
He continued, “We firmly believe software should help you manage itself, notifying you when to take action about licenses, terminated employees, renewals, etc. Businesses today need a clearer way to understand ownership and what they’re getting from each vendor so they can make more proactive decisions about their technology.”
Early VendorHawk customer, Mike Hamilton, Head of IT at Mulesoft shared, “In the midst of business units procuring their own SaaS solutions, VendorHawk provides visibility into purchases, app utilization, and empowers collaboration like we’ve never had before around cloud SaaS subscriptions.
With team growth focused in engineering, data analysis, sales, and marketing, VendorHawk will continue to invest this capital to add to their base of customers like Mulesoft, Procore, Winshuttle and Chef Software. They will also continue to develop more advanced, enterprise-grade features and integrations as they scale.
“From our vantage point working with hundreds of successful SaaS companies, VendorHawk’s mission to simplify the chaos of technology spending really resonated with us,” said David Cohen, Co-CEO of Techstars and Managing Director of Techstars Ventures. “Their product already delivers great results to their customers and the team building it is exceptional. As the market for SaaS tools continues to rapidly grow, we see VendorHawk as a crucial part of every modern company’s SaaS stack.”
“While the decentralization of IT in the workplace is an exciting theme we have been investing in for many years, it has also resulted in new challenges,” said iNovia Managing Director, Chris Arsenault. “VendorHawk is addressing the increasing pain organizations are facing in managing and optimizing the usage of cloud-based SaaS applications. iNovia is excited to partner with Patrick and the VendorHawk team in pursuing this massive opportunity.”
Launched with support from Prota Ventures, VendorHawk was founded in December of 2015 and recently completed the Techstars Seattle 2017 class. They have integrations with SaaS powerhouses like Salesforce, G-Suite, Okta, NetSuite, Dropbox, Office365, Zendesk and many more. Please visit vendorhawk.io for more information.
VendorHawk is the leading Software Vendor Management Platform helping IT, procurement, and finance leaders discover, manage, and optimize their software and technology investments. Handling complex enterprise contracts, VendorHawk serves as a cloud-based system of record for a business’s software vendors, helping every part of the business make smarter decisions about the software they use.
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Photo courtesy of VendorHawk Inc