Osborne Clarke has advised Endeit Capital as lead investor in the Series B financing round of software start-up Sastrify.
Too expensive Software as a Service (SaaS) licences? Not anymore, promises Cologne-based start-up Sastrify to its customers. The company's software connects to the user's accounting database, searches it for current costs for licence software and checks when a contract renewal is due. Using the available data pool of several hundred million SaaS licences, the programme can make comparisons to predict how much discount could be negotiated for a renewal. So far, companies such as Gorillas, Sennder, Babbel and Pleo have used the software from Cologne.
Now the start-up, founded in 2020 by evopark founders Maximilian Messing and Sven Lackinger, has closed a successful Series B financing round: A total of just under USD 32 million was raised. Dutch investor Endeit Capital, with participation from Simon Capital from Düsseldorf, led the round. Also participating were existing investors such as HV Capital, First Mark Capital and Triplepoint Capital.
Sastrify currently has six sales regions in Europe and the US. The US market will be a major focus for the team in the coming years, the company says. It plans to use the money from the current financing primarily to expand its sales team.
The team advising Endeit Capital, led by Nicolas Gabrysch, consisted of Fabian Mimberg, Dana Alpar, Fenja Striesow, Benedikt Hülsmann (all Corporate / VC), Max Wächter (IP), Sonja Riedemann, Nils-Frederik Wiehmann, Karin Sültrop (all Labour Law), Julia Kaufmann, Dr Hendrik Schöttle and Dr Florian Eisenmenger (all IT).