12 March 2020, San FranciscoCleanshelf today announces the closure of its Series A funding round. Led by Dawn Capital with participation from LAUNCHub Ventures, the investment will be used to accelerate the development of new product features and capabilities. This will offer CIOs and CFOs greater transparency and control of their SaaS tech stack.

  • Funding round led by Dawn Capital with participation from LAUNCHub Ventures
  • With most enterprises using nearly 1,000 cloud applications, Cleanshelf gives CIOs a single view of their SaaS tech stack, enabling them to optimize spending and manage compliance and security risks
  • Investment will support continued product innovation and commercial expansion in the USA and Europe.

Up to 30% of SaaS spend is commonly wasted and CIOs typically underestimate the number of SaaS vendors deployed by over two times. This accelerated adoption of cloud and SaaS in the past few years has created unprecedented new challenges for CIOs, CFOs, and business users who monitor and manage technology access, compliance, and spend.

Cleanshelf’s solution serves as the system of record for all SaaS subscriptions and usage and provides insights to CIOs and CFOs to support proactively managing spend, user access, subscription renewals and cancellations, among others. It also offers valuable, granular insights into a company’s SaaS security exposure and compliance risk.

The fresh funds will be used to continue enhancing Cleanshelf’s leading product proposition with new functionalities and to expand the engineering and marketing and sales teams. In particular, the Company will continue to focus on providing superior usability and actionable insights to its customers.

Cleanshelf is already a core part of SaaS management for a number of global corporations, including Hilton, Looker and CoStar Group.

The platform integrates with over 2,000 SaaS vendors and all leading financial, HR, and Single Sign-On systems, including SAP, Oracle, and Sage.

Dusan Omercevic, CEO at Cleanshelf said:
“SaaS spend is growing rapidly, so CIOs and CFOs need more oversight than ever before on what they’re spending and whether this investment is really driving results. Cleanshelf is already working with major global companies to help them assess and easily understand this increasingly fundamental and complex part of day-to-day operations, and we will use this investment to expand the features of our products even further.”

Mina Mutafchieva, Principal at Dawn Capital said:
“In our conversations with CFOs and CIOs, we keep hearing concerns that SaaS subscriptions are proliferating across the enterprise, with no central oversight or control. Cleanshelf surfaces and intelligently manages subscriptions to optimise spend across a library of over 2000 Saas vendors. A noted entrepreneur in his home country of Slovenia, Dusan has attracted a world class engineering team there to build a product that is winning in the toughest tech market in the world, the US, where the company has its HQ in San Francisco. And we are just getting started. Dawn has a 12-year track record of successfully helping B2B SaaS companies to scale, and I look forward to this journey with Cleanshelf and our partners at LAUNCHub Ventures.”

About Cleanshelf

Cleanshelf is the leading enterprise SaaS management platform focused on tracking, controlling, and benchmarking SaaS applications. Their SOC 2-compliant and AI-powered technology helps companies save up to 30% on their SaaS spending by automatically identifying unmanaged contracts, duplicate licenses, and wasted cloud software subscriptions. Based in San Francisco, Cleanshelf provides an enterprise-grade solution to over a hundred clients, including Hilton, Looker, and CoStar Group.

About Dawn Capital

Dawn is Europe’s largest specialist B2B software investor, with assets under management of $550m. The firm partners with innovative companies that, through exceptional teams, products and business models can become category-defining, global titans. Dawn is an early-stage investor, backing companies at series A and B, and continuing to fund the best-performing from growth rounds through to exit. Within B2B software, Dawn focuses on four areas: data & analytics, cybersecurity, fintech, and the future of work. Its roster of investments includes Mimecast (now NASDAQ-listed with a $3bn market cap), iZettle (sold to PayPal for $2.2bn cash), Collibra, Showpad, Dataiku, Templafy, Quantexa, Garrison, and Tink, amongst others.

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About Cleanshelf

Cleanshelf is the leading enterprise SaaS management platform focused on tracking, controlling, and benchmarking SaaS applications. Their SOC 2-compliant and AI-powered technology helps companies save up to 30% on their SaaS spending by automatically identifying unmanaged contracts, duplicate licenses, and wasted cloud software subscriptions. Based in San Francisco, Cleanshelf provides an enterprise-grade solution to over a hundred clients, including Hilton, Looker, and CoStar Group.

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