Vendr raised approximately $150 million in its latest funding round. In the process, the SaaS startup achieved a $1 billion valuation.

SaaS platform Vendr announced it received $150M in the new funding round to expedite the development of programs and help companies slash costs in the management of software.

The round was led by SoftBank and Craft Ventures. Sound Ventures, Sozo Ventures, Y Combinator, Tiger Global, and F-Prime Capital participated in the event as well.

Even though Vendr didn’t disclose valuation, Bloomberg reported it valued the firm at around $1 billion. The software company has received $216 million to date.

Vendr

Vendr was established in 2019 and offers a purchasing platform utilized by organizations to buy SaaS. The firm assists in renewal management, contract logistic solutions and commercial negotiations. In addition, the company helps patrons enhance their bottom and top line by monitoring relevant info to manage the SaaS stack.

The software firm processed over $1B in spending and delivered over $200M in savings for customers. “Everyone tells you to cut costs when the economy shifts, but no one tells you how. We’re the how”, said Ryan Neu, co-founder and chief executive officer.