Hudled, the Sydney startup tackling problem of companies overspending on software, has hit US$100 million worth of software as a service (SaaS) spend managed on the platform.
The benchmark comes just 12 months after the Hudled solution launched in April 2021.
Co-founder Alex Millar said nearly 300 companies have now signed up to the platform, including high-growth tech companies such as Airwallex, Eucalyptus, and Mr Yum. Hudled allows them to track and optimise their software stack, reducing spend for an ROI from day one.
Millar said data compiled by Hudled reveals the average startup (10-250 employees) using the platform has 67 SaaS tools in its stack, spending on average $462,000 annually, with nearly a fifth (17.9%) of SaaS being paid in a foreign currency. An average US$9,441 in savings has been found per audit.
“By implementing small changes during the early stages of the startup, the benefits of the SaaS audit compound – particularly when the company headcount grows from single, to double, to triple digits,” he said.
“The feature can be very powerful for finance teams, who can redeploy capital for other growth priorities.”
His co-founder Santiago Bravo said several customers, including Simply Wall St, Legal Vision, Mad Paws, and Upflowy, integrated Hudled’s data-driven saving recommendations.
“We found that companies underestimate their SaaS spend by over 27%,” he said.
“That’s a substantial amount they’re not taking into account. Combine this with growing headcount, unstructured purchasing, and opaque pricing plans, the whole thing becomes a disaster.”
A year from launch, Hudled has released a new SaaS audit tool that lets users – typically founders, CFOs, finance professionals, and anyone in charge of a company’s SaaS stack – get deeper SaaS analytics and saving opportunities.
“The audit brings intelligence to three facets of SaaS: buying the right tools at the right price, using a data-driven approach for decision-making, and engaging people to get the most out of SaaS,” Bravo said.
Hudled emerged out of the Antler program in 2020. Investors in the startup include Black Nova Group, Antler, Sydney Angels, and Justus Hammer, founder of MadPaws.