Software Procurement Startup Vendr Gains $1 Billion Valuation

Vendr Inc., a firm that centralizes business software purchasing and management, announced it was valued at $1 billion after a $150 million funding round that came as many startups are struggling to raise funds.

Traditionally, enterprise-level software acquisition requires months of discussions between procurement teams and salespeople. Vendr, founded in 2019, negotiates and manages contracts, and has processed more than $1.3 billion of transactions.

“Software is now a top-five line item for the vast majority of companies,” said Ryan Neu, Vendr’s founder who used to lead sales at HubSpot Inc. “We identified that most companies were overpaying on software ...