There’s a parade of tech unicorns storming through Boston this week and SaaS buying platform Vendr is one of them. After raising a $150 million Series B on Thursday, Vendr reached a $1 billion valuation, according to Bloomberg, making it Boston’s latest tech unicorn.
Earlier this week, Brookline, Massachusetts-based airSlate also became a tech unicorn after raising its Series C round.
Vendr’s recent raise was co-led by existing investor Craft Ventures and new investor SoftBank Vision Fund 2. Other big-name investors that contributed to the round include Tiger Global and Y Combinator.
“For me, today is much more than a Series B announcement. It’s validation that the SaaS buying issues companies face are a universal experience,” Ryan Neu, Vendr co-founder and CEO, said in a post about the raise. “It’s confirmation that the partnerships we’ve built over the last 4+ years with our customers have been worth more than I can put into words.”
Vendr plans to use its fresh funding to accelerate the development of its platform which helps organizations save money on purchasing expensive software.
With its affordable SaaS platform, Vendr works with businesses to speed up software transactions while lowering purchase costs. By analyzing how much a business has spent on software in the past, Vendr is able to find its customers the most cost-effective software to purchase.
Built In last reported on Vendr after it acquired Blissfully, a SaaS management platform. The acquisition brought the company’s total customer reach to more than 500 organizations, including big names like The Washington Post and HubSpot.
While this raise did not disclose set plans for hiring, Vendr is currently hiring for plenty of open roles ranging from engineering, marketing, sales and more.
