Sastrify wants to help companies save money on software licenses. The startup’s customers include billionaires like Gorillas and Sennder.
For a long time, a good tip for founding a successful startup was: on SaaS Models (Software as a Service). What Sastrify does – and does successfully – is sort of the continuation of it: relying on a Saas model that relies on Saas models. For the development of this idea and the international expansion of the company, the people of Cologne have now received a new financial injection.
In total, the startup collected almost 30 million euros (equivalent to 32 million US dollars) in Series B. These are divided into 20 million euros (22 million USD) in equity and 9 million euros in loans. The round was led by a Dutch investor, Endeit Capital, with the participation of Simon Capital from Düsseldorf. Existing investors such as HV Capital, First Mark Capital and Triplepoint Capital also went along.
Save costs with software contracts
What exactly Sastrify with his Saas-for-Saas model might? The company’s software connects to its customers’ accounting data, searches them for current costs for licensed software and checks when a contract extension is due. Based on the data pool over several hundred million SaaS licenses that Sastrify has, i.e. comparative values and knowledge of how much other companies pay for a contract with a specific software provider, the software can provide statements about how much discount there is in the extension could. In this way, Sastrify helps its customers to negotiate better conditions for licenses. So far, companies such as Gorillas, Sennder, Babbel or Pleo have been using the Cologne-based company’s software.
The cost of Sastrify is around 2.4 percent commission on a company’s total software spend. In return, the startup promises to save more costs than it incurs itself. Sastrify currently has six sales regions in Europe and the USA. According to the company, the US market will be a major focus for the team in the coming years. Above all, the aim is to use the money from the current financing to expand the sales team.
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