Cologne’s Sastrify, specializing in the purchase and management of SaaS subscriptions, has successfully completed a second closing of its Series B financing, spearheaded by Reimann Investors. The exact funding amount has not been disclosed.
Earlier in May 2023, Sastrify raised $32 million (approximately €29.67 million) in the initial phase of this funding round.
Moreover, the company has recently completed the strategic acquisition of Pengu, a SaaS procurement firm based in Amsterdam, further expanding its European operations.
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Funding Usage
The additional investment will fuel the SaaS Startup’s growth strategies, enabling the company to enhance its operational scale, invest in product development, broaden its international presence, and fortify its customer success initiatives.
Sven Lackinger, the CEO and Co-Founder of Sastrify, remarks, “The extension of our Series B funding, coupled with the acquisition of Pengu, signifies a pivotal phase in Sastrify’s evolution.”
Lackinger further notes, “With this new capital and Pengu’s expertise now part of our portfolio, we are poised to better serve our clients, foster innovation, and reinforce our status as a leading force in the global SaaS procurement market.”
About the Acquisition of Pengu
Established in 2022 by Edo Buziau and Philippe Stevens, Pengu specializes in managing the procurement and renewal of SaaS and cloud services for its clients, leveraging data and expertise.
The company prioritizes securing deals at optimal prices, promising savings that can reach up to three times the initial return on investment (ROI).
Pengu’s mission statement emphasizes their goal to transition from pricing power to empowering buyers, aiming to assist organizations with expertise and data-driven insights in SaaS negotiations. Pengu is committed to facilitating a simple, quick, and transparent purchasing process.
Sastrify’s acquisition of Pengu marks a significant achievement, positioning Sastrify as a major force in the SaaS procurement sector.
By integrating Pengu’s technological and data resources into Sastrify’s framework, the company aims to spur innovation and broaden its service offerings. This strategic move not only strengthens Sastrify’s presence in the European market but also cements its role as a leader in the evolving SaaS procurement domain.
An Online Platform for Procuring SaaS Solutions
Launched in 2020 by co-founders Maximilian Messing and Sven Lackinger, the german company operates as a digital platform for SaaS procurement. The platform aids businesses in securing optimal deals for purchasing and renewing their SaaS subscriptions.
Sastrify empowers organizations to leverage data for decision-making, enhance compliance, and achieve savings in their SaaS spending. It provides tools for centralizing, visualizing, and automating all elements of the SaaS procurement process.
The platform fosters teamwork across procurement, IT, and finance departments through effective purchasing strategies, establishing relationships with leading SaaS vendors, and continuously growing its database of pricing benchmarks.
Sastrify is instrumental in managing SaaS procurement for various companies, including Pleo, Bitvavo, Temper, and Sennder.
About the Investor
The Reimann family’s investment office, Reimann Investors, divested their shares in the family business in the late 1990s. Since 2017, they have been directing their venture capital funds towards B2B SaaS, Fintech, and Ecomtech startups, with an emphasis on nurturing collaborations between established industrial entities and burgeoning market leaders.
Discussing the investment in the german company, Hans-Christian Perle, Managing Director at Reimann Investors, expressed excitement about partnering with Sastrify in its mission to transform SaaS procurement. He commended Sastrify’s remarkable achievements, its innovative platform, and strategic direction, noting their perfect alignment with Reimann Investors’ goal of backing digital pioneers.
Perle highlighted Sastrify’s potential to revolutionize the enterprise software sector. He expressed eagerness for Reimann Investors to play a crucial role in Sastrify’s expansion, helping organizations around the globe to streamline and enhance their SaaS procurement processes.
