Cologne-based Sastrify, specializing in SaaS subscription management, has recently made significant strides in expanding its market reach. The company has successfully closed a second round of Series B funding, led by Reimann Investors, with the funding amount undisclosed. This follows their substantial raise of $32 million (approximately €29.67 million) in May 2023. This was part of the same funding series. Additionally, Sastrify has taken a bold step by acquiring Amsterdam-based Pengu, a leading European SaaS procurement company.
Fueling growth & innovation
The new capital will be strategically employed to fuel Sastrify’s growth initiatives. These include scaling operations, investing in product innovation, expanding its global footprint, and enhancing customer success programs. Sven Lackinger, CEO and co-founder of Sastrify, notes that the Series B extension and Pengu’s acquisition are transformative for the company. He emphasizes that combining additional funding with Pengu’s capabilities will elevate their customer service, spur innovation, and cement Sastrify’s position as a global leader in SaaS procurement.
Acquisition of Pengu
Pengu, founded in 2022 by Edo Buziau and Philippe Stevens, specializes in the procurement and renewal of SaaS and cloud services. The company guarantees up to three times the return on investment for its clients by negotiating favorable deals. Pengu’s ethos is to shift the balance from pricing power to buyer power, assisting organisations with expertise and data-driven insights in SaaS negotiations. Their approach ensures an easy, fast, and transparent buying journey. The integration of Pengu’s technology and expertise into Sastrify’s ecosystem is set to enhance the range of solutions available to clients, reinforcing Sastrify’s leadership in the SaaS procurement industry.
A digital procurement leader
Founded in 2020 by Maximilian Messing and Sven Lackinger, Sastrify has become a pivotal player in digital SaaS procurement. The platform aids companies in securing the best deals for SaaS subscriptions, enabling data-driven decision-making, compliance enhancement, and cost savings. It centralizes, visualizes, and automates the SaaS procurement process, fostering collaboration among procurement, IT, and finance teams. Sastrify has established relationships with major SaaS providers and maintains an extensive database of pricing benchmarks. The company’s client list includes notable names like Pleo, Bitvavo, Temper, and Sennder.
Reimann investors’ strategic involvement
Reimann Investors, the family office of the Reimann entrepreneurial family, transitioned in 2017 to focus on VC funds in B2B SaaS, Fintech, and Ecomtech startups. They aim to bridge the gap between traditional industries and emerging market leaders. Hans-Christian Perle, MD at Reimann Investors, expressed enthusiasm about partnering with Sastrify.
As an investor, we recognise Sastrify’s potential to redefine the landscape of enterprise software solutions. We look forward to playing a pivotal role in Sastrify’s continued growth, empowering organisations worldwide to optimise their SaaS procurement processes efficiently.
Hans-Christian Perle, MD at Reimann Investors
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