Enterprise IT Startup Vendorhawk Raises $1.2 Million
Vendorhawk announced it has secured $1.2 million in seed financing. iNovia Capital, Techstars Ventures, Social Starts, Telos Venture Partners, and Alliance of Angels participated in the funding.
As a SaaS optimization platform, Vendorhawk helps modern enterprises manage and optimize the ever-increasing number of cloud apps that are used to run their businesses. Since most of these apps are being sold to business units and end users themselves, the company primarily helps IT and finance leaders gain visibility into these apps, utilization and insights around employee feedback, spending, and optimization efforts.
In its announcement, the company said large companies can already use Vendorhawk to manage their spending, but it plans to use the new funding to increase the number of products that integrate with Vendorhawk’s system and start taking on thornier challenges, including massive enterprise-resource planning systems.