Substly allows businesses to efficiently keep track of all kinds of SaaS and digital service subscriptions, usage levels, and costs
Gothenburg, Sweden—Substly has just announced the successful completion of a $370,000 funding round raised from 10 business angels. The Swedish-based SaaS company offers business in over 40 countries worldwide, a tool that makes subscription and user management easier for companies.
Substly’s platform helps companies see who is using which subscription, what it costs, and when they will renew, keeping track of costs and sending alerts regarding coming payments that are about to be billed. By gauging the usage rate of digital services by company employees, the platform also allows businesses to quickly determine how necessary a subscribed service is, bringing efficiency gains through cancelling unneeded services.
Although Substly was mainly created to keep track of SaaS (Software as a Service) subscriptions, the platform allows its customers to keep track of all recurring payments. “Substly allows customers to keep track of anything that is being bought as-a-service, such as memberships, newspapers, furniture, coffee, and other services that are being provided in a recurring payment system that can be managed under one same efficient application,” said Felix Sjöstedt, one of Substly’s two founders.
“I recognized the challenge Substly addresses. I think this service is timed exactly right,”
Linus Lindström, IT Consultant & Business Angel
The idea behind Substly was born in 2018 by Ola Stål and Felix Sjöstedt. They were tired of keeping track of cloud services, business subscriptions, users, and costs in Excel. They saw the need for a service that enabled companies to gather everything in one place, so they created Substly. Since Substly launched in early 2020, the user base has been growing steadily, and now ten business angels have committed $370,000 to the platform to boost its growth further.
“In five years, it will be as natural for a small or medium-sized company to use a service like Substly as it is for them to have a CRM system.”
Ola Stål, CEO of Substly
The challenges with managing SaaS and other subscription-based services are growing, and the founders of Substly see the global potential for their platform.
The company is already successfully helping businesses efficiently address the challenges of managing digital subscriptions. The invested $370,000 will be used for product development, brand awareness, and expanding its customer base beyond its already wide-reaching geographics.
“This investment will enable us to build awareness of a smart solution to this problem and demonstrate how companies can benefit from it,” Ola Stål further observed.
