Quolum announces $2.75M seed investment to track SaaS spending

Quolum announces $2.75M seed investment to track SaaS spending

As corporations battle to search out methods to manage prices in at this time’s financial system, understanding what you might be spending on SaaS instruments is paramount. That’s exactly what early stage startup Quolum is trying to do, and at this time it introduced a $2.75 million seed spherical.

Surge Ventures and Nexus Venture Partners led the spherical with assist from a dozen unnamed angel traders.

Company founder Indus Khatian says that he launched the corporate final summer season pre-COVID, when he acknowledged that corporations have been spending tons of cash on SaaS subscriptions and he needed to construct a product to present better visibility into that spending.

This software is geared toward finance, who won’t know concerning the utility of a particular SaaS software like PagerDuty, however who seems on the payments each month. The concept is to present them information about utilization in addition to value to verify they aren’t paying for one thing they aren’t utilizing.

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“Our aim is to present finance a greater set of instruments, not simply to place a greenback quantity on [the subscription costs], but in addition the utilization, as in who’s utilizing it, how a lot are they utilizing it and is it efficient? Do I have to know extra about it? Those are the questions that we’re serving to finance reply,” Khatian defined.

Eventually, he says he additionally desires to present that information on to traces of enterprise, however for starters he’s specializing in finance. The product works by connecting to the billing or expense software program to present perception into the prices of the providers. It takes that information and combines it with utilization information in a dashboard to present a single view of the SaaS spending in a single place.

While Khatian acknowledges there are different comparable instruments within the market equivalent to Blissfully, Intello and others, he believes the issue is sufficiently big for a number of distributors to do nicely. “Our differentiator is being end-to-end. We usually are not simply trying on the {dollars}, or stopping at what number of occasions you’ve logged in, however we’re going deep into consumption. So for each greenback that you simply’ve spent, what number of models of that software program you may have consumed,” he mentioned.

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He says that he raised the cash final fall and admits that it in all probability would have been harder at this time, and he would have probably raised on a decrease valuation.

Today the corporate consists of a 6 individual growth workforce in Bangalore in India and Khatian within the U.S. After the corporate generates some income he might be hiring a couple of folks to assist with advertising and marketing, gross sales and engineering.

When it involves constructing a various firm, he factors out that he himself is an immigrant founder, and he sees the power to work from wherever, an concept amplified by COVID-19, serving to end in a extra various workforce. As he builds his firm, and provides staff,  he can rent folks internationally, no matter location.


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