Cledara Raises $3.4M to Simplify SaaS Management

Cledara, a platform designed to simplify the procurement and administration of SaaS (Software as a Service) subscriptions, has secured an additional $3.4 million in funding to enhance its capabilities and broaden its reach.

This funding round was spearheaded by Nauta Capital, with further investment from existing backer Anthemis. The investment follows a period of substantial growth for the company, experiencing a 20-fold increase in revenue during 2020 – including a 7-fold rise since August, though specific financial details remain undisclosed.

Established in July 2018 by Cristina Vila, who initially encountered the challenges of SaaS management during her time at London-based fintech Dopay, Cledara provides businesses with tools to monitor and control their SaaS utilization and expenditures. The platform also offers analytical insights to assess the return on investment of these software solutions. Cristina Vila is now joined by co-founder and COO Brad van Leeuwen, formerly an executive at the banking platform Railsbank, which also utilizes Cledara’s services.

A key feature of Cledara is the provision of an unlimited number of virtual debit cards, enabling employees and external teams to independently acquire suitable SaaS products. This system allows for managerial oversight, with the option to authorize each purchase and receive immediate notifications regarding all spending activity. Cledara generates revenue through interchange fees associated with card transactions, in addition to its own subscription-based SaaS model.

Currently serving over 100 customers, including businesses like Florence.co.uk, Unmind.com, and Butternut Box, Cledara asserts that its clients can reduce their software costs by as much as 30%, while also significantly decreasing the time spent on administrative tasks such as invoice management, accounting, and adherence to data privacy regulations like GDPR and outsourcing rules for fintech companies.

The platform is currently available in over 20 European countries, including the U.K., France, Ireland, Germany, and Spain. Cledara intends to utilize the new funding to accelerate product development and pursue further international expansion, with plans to launch in the United States.

“Our rapid growth necessitates an expansion of our team; we’ve recently had to limit new customer onboarding due to internal capacity constraints,” explains van Leeuwen. “We aim to increase our team size fourfold by mid-next year across all departments – including support, customer success, product development, engineering, compliance, marketing, and sales. This funding will facilitate that growth and more.”

Over half of these new positions are anticipated to be based in Barcelona, following the opening of a Cledara office in Spain four months ago to ensure continued access to skilled professionals outside of the U.K. following Brexit.