Software management startup Cledara lands $20M Series A
Cledara, a UK-based software management startup, has completed a $20m Series A funding round.
CommerzVentures led the round with additional investments from Carbide Ventures and Massive. Existing investors Nauta Capital and Notion Capital also participated.
Founded in 2018, Cledara claims to be “the premier software management platform designed for growing businesses”, with over 800 companies on its user list.
Its mission is “to make it easy for any business to take control of their growing software subscriptions in a simple and intuitive way.” Its flagship offering combines a payment platform with software management capabilities – “designed specifically for the software journey within an organization”.
Cledara issues credit and debit cards through Mastercard, serving customers in the US, UK and Europe.
Cristina Vila, the company’s founder and CEO, explains that Cledara is the result of her “lifelong desire to create a company focused on helping people”.
Money raised will be used for future expansion across the United States. After the company launched in the United States in March, the country became its second-largest and fastest-growing market, growing more than 35% month-over-month.
Pankaj Tibrewal, general partner of Carbide Ventures, believes that Cledara “has cracked the code to a huge problem with significant potential in the United States.”
Tibrewal adds, “We see huge potential in Cledara’s ability to organize vast amounts of data around software payments, usage, and buyer preferences that we frankly haven’t seen from any other player in the market. .”
The company says it has seen “explosive growth” across the business over the past year. The total volume of software purchased through Cledara has increased by 830% over the past 12 months, with clients including UK insurtech Marshmallow, mapping technology company what3words and data streaming platform Conduktor.
At the end of 2020, Cledara raised $3.4 million from Nauta Capital and BBVA Anthemis Venture Partnership.