Business focused software platform Hudled has reached a milestone US$100 million ($134 million) under management through a client base that includes Airwallex, Eucalyptus, and Mr Yum.
It comes just over a year after the startup’s $640,000 seed round driven by Antler, which the company used to grow its platform and expand to the US.
Early-stage VC Antler launched in Australia in 2019, targeting Australian professionals looking to quit their day job with a stipend to help them found a company full-time.
The raise was also backed by Black Nova Group along with several high profile angel investors, including Justus Hammer, founder and CEO of MadPaws and early advisor to Airtasker; Christian Wanner, co-founder of Le Shop; and Josh Kalderimis, co-founder of Travis-CI.
The startup’s B2B intelligence platform is geared toward helping high-growth startups manage their full Software-as-a-Service lifecycle.
The platform helps businesses track and optimise their software stack by helping them discover where they’re overpaying on SaaS and how to fix it.
Hudled founders Alex Millar and Santiago Bravo estimate that around 30% of paid subscriptions sit in a business unused amid an increasing maze of SaaS products.
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“That’s a substantial amount they’re not taking into account,” Bravo said.
Finance teams often know their company overpays for software but underestimate how many tools their company pays for and how much money is wasted.
“Combine this with growing headcount, unstructured purchasing, and opaque pricing plans, the whole thing becomes a disaster.”
As the Hudled grows, it is also launching a new SaaS auditing tool that allows financial officers to go deeper into SaaS analytics and uncover further saving opportunities.
Millar said that by implementing small changes in a startup’s early stages, savings from audits compound with growth — “particularly when the company headcount grows from single, to double, to triple digits”.
“The feature can be very powerful for finance teams, helping them reserve cash for other growth priorities,” Millar said.