Highlights:

  • Fintech-focused venture capital firm CommerzVentures headed the Series A round. Nauta Capital, Notion Capital, Carbide Venture, and Massive participated.
  • Cledara views a company’s SaaS spending in graphs and assists the finance departments monitor software costs.

Cledara Ltd, a firm helping enterprises manage Software-as-a-Service (SaaS) apps used by employees, announced that it had secured a USD 20 million funding round. Fintech-focused venture capital firm CommerzVentures headed the Series A round. Nauta Capital, Notion Capital, Carbide Venture, and Massive participated.

The London-based company offers a software platform that eases an organization’s task of managing SaaS applications used by employees. The platform lists the SaaS apps deployed throughout an organization in a centralized dashboard. According to Cledara, finance teams can utilize the dashboard to quickly discover any redundant or unused cloud subscriptions that can be eliminated to decrease costs.

The Cledara platform also assists with other duties as well. The software enables finance teams to generate several virtual credit cards for SaaS application purchases. It enables the use of a distinct card for each SaaS subscription, which, according to the business, makes it simpler to terminate subscriptions when necessary.

Cledara views a company’s SaaS spending in graphs and assists the finance departments monitor software costs. Users can monitor the evolution of expenditures over time and predict future costs as well.

Cledara claims that its platform can save approximately 15 hours of manual labor each month by simplifying day-to-day processes associated with operating SaaS applications. In addition, the startup claims to lower cloud costs for businesses. The company offers a two percent cashback for SaaS purchases made using its virtual credit cards.

The company contends that its platform is valuable for corporate finance executives and IT teams. According to the startup, the features offered by its platform, allowing tracking of SaaS products used throughout a company, make it feasible to identify applications deployed without IT team clearance. In addition, it provides a tool to confirm that SaaS solutions comply with cybersecurity regulations.

Since its start in 2018, Cledara has acquired more than 800 enterprises as clients. The London-based business will use the cash from its most recent investment round to expand its footprint in the United States. A portion of the funds will also be used to build new features.

Cledara is one of several venture-backed companies attempting to reduce the human labor required to manage SaaS services. Push Security Ltd. secured a USD 4 million seed round in July to assist businesses in securing their employees’ cloud services. Previously, USD 150 million was raised by Vendr Inc. for their SaaS application procurement platform.