The Tuvey brothers' entrepreneurial background and Vertice's rapid growth have attracted significant investor interest, particularly as companies look to reduce operational costs amid funding constraints.

With Gartner forecasting a 9% increase in IT spending in 2025, reaching nearly $5 trillion, the competitive market presents ample opportunities for solutions like those offered by Vertice.

Vertice, a London-based startup founded by brothers Roy and Eldar Tuvey, specializes in customizable procurement workflows enhanced by AI-driven insights, managing $3.4 billion in SaaS and cloud spend for numerous enterprise clients.

Recently, Vertice secured Series C funding, marking a significant milestone in its two-and-a-half-year history, with a thirteenfold revenue increase and a rapidly growing customer base.

This funding round attracted participation from existing investors, including Bessemer Venture Partners and 83North, as well as new investors Perpetual Growth and CF Private Equity.

The investment will be used to simplify procurement processes, enhance product development, and expand Vertice's engineering team, with plans to open new regional offices.

While the company has not disclosed its current valuation, the Series C funding represents an up-round compared to a previous valuation of several hundred million dollars a year ago.

Operating in over 30 countries, Vertice has established offices in New York, Sydney, Brno, and Johannesburg, further solidifying its presence in the procuretech space.

The platform addresses common procurement challenges, such as opaque approval processes and rising prices, by providing a unified solution rather than disparate point solutions.

Roy Tuvey, the CEO, emphasized that Vertice has developed an 'unfair advantage' through its optimization solutions, integrating data and insights to enhance procurement efficiency.

Tuvey also noted that AI technology is instrumental in identifying bottlenecks in procurement processes, allowing for more efficient operations.

Georgia Watson from Lakestar praised Vertice's consistent execution and innovation, highlighting its potential as a leading platform for modern procurement teams.