Cologne/New York — Sastrify announ­ced Series B funding round of $32 million led by Endeit Capi­tal, with parti­ci­pa­tion from Simon Capi­tal and exis­ting inves­tors HV Capi­tal, First­Mark Capi­tal and Triple­Point Capital.

The addi­tio­nal funding will go toward incre­asing the size of the global team with a focus on the U.S. and Europe, as well as further acce­le­ra­ting product deve­lo­p­ment to support mid-market and enter­prise custo­mers. Sastrify has been a strong force in Europe since its mid-2020 launch, growing more than 400% last year.

The proli­fe­ra­tion of SaaS conti­nues to pose a signi­fi­cant risk to enter­pri­ses world­wide. Accor­ding to indus­try rese­arch, more than $200 billion and 3.9 billion man-hours will be wasted on soft­ware purcha­ses in 2023, while one in five orga­niza­ti­ons will expe­ri­ence a cyber inci­dent rela­ted to shadow IT.

Accor­ding to Sastrify, the typi­cal enter­prise over­spends more than 30 percent of its SaaS costs and wastes more than 400 hours per year mana­ging its SaaS contracts.

Sastrify’s all-in-one plat­form enables users to centra­lize, visua­lize and auto­mate their entire SaaS procu­re­ment jour­ney: We are driving SaaS procu­re­ment for fast-growing compa­nies like senn­der, OnRun­ning, Babbel, and Pleo, and are posi­tio­ned to further expand our services in the U.S. as we alre­ady serve U.S. custo­mers like Capchase, a non-dilu­­tive funding provi­der for SaaS companies.

The Series‑B coin­ci­des with the expan­sion of our core product offe­ring to include auto­ma­ted usage analy­tics, as well as the launch of the Sastrify Market­place, which includes flexi­ble payment and finan­cing opti­ons. We also recently announ­ced a part­ner­ship with Capchase to offer flexi­ble finan­cing opti­ons for SaaS licenses.

YPOG provi­ded legal coun­sel to Simon Capi­tal in the $32 million Series B finan­cing round.

About Simon Capital

Simon Capi­tal is an early stage VC fund based in Germany. The fund invests in dedi­ca­ted foun­ders who are trans­forming their indus­tries in the areas of consump­tion, well-being and produc­ti­vity. Simon Capi­tal lever­a­ges its broad network and exper­tise rooted in entre­pre­neu­rial tradi­tion to foster new gene­ra­ti­ons of sustainable busi­nesses. The fund takes an active port­fo­lio approach, where capi­tal means more than just money; past invest­ments include the likes of water­drop, Just Spices, MushLabs, Holy and Ordio. www.simoncapital.com

About Endeit Capital

Endeit Capi­tal is a growth capi­tal firm that has been driving inter­na­tio­na­liza­tion and inno­va­tion since 2006. With local part­ner teams in the Nether­lands, Germany and Sweden, Endeit specia­li­zes in support­ing Euro­pean tech scale-ups that have grown out of the start-up phase. Endeit and its commu­nity of entre­pre­neurs and experts support these compa­nies with capi­tal and manage­ment advice. Among them Parcel­Lab, 3DHubs, Navan, Conto­rion, Gastro­fix and Tour­Ra­dar. Endeit’s part­ners have a broad opera­tio­nal expe­ri­ence in bran­ding and inter­na­tio­na­liza­tion, espe­ci­ally through Buy & Build. www.endeit.com

About YPOG

YPOG is a specia­list tax and commer­cial law firm opera­ting in the core areas of Funds, Tax and Tran­sac­tions. The YPOG team advi­ses a wide variety of clients. These include emer­ging tech­no­logy compa­nies and family-run medium-sized enter­pri­ses as well as corpo­ra­ti­ons and private equity/venture capi­tal funds. YPOG is one of the leading addres­ses for venture capi­tal, private equity and fund struc­tu­ring in Germany. The firm and its part­ners are natio­nally and inter­na­tio­nally ranked by JUVE, Best Lawy­ers, Legal 500, Focus, and Cham­bers and Part­ners. Today, YPOG employs more than 100 expe­ri­en­ced lawy­ers, tax advi­sors, tax specia­lists and a notary in three offices in Berlin, Hamburg and Colo­gne. www.ypog.law