Los Angeles, California-based startup SaaS platform Terzo has announced its launch from stealth mode.
The company offers a vendor relationship management platform geared towards improving relationships with vendors and turning them into strategic partners. Utilising artificial intelligence, the platform boosts collaboration by automatically managing contracts, and tracking goals and opportunities.
“In our conversations with customers, there is a common desire for tools to increase automation and collaboration between customers and their most strategic vendors,” said Brandon Card, co-founder and CEO of Terzo. “Salespeople use CRMs to maximise customer value, but buyers that spend millions of dollars per year with vendors lack a tool to manage their critical relationships.”
Having previously worked at Microsoft, IBM and Oracle, Card said that Terzo’s vendor relationship management platform was built in response to frequent customer complaints.
“It was eye opening when one of our biggest customers asked us to build a CRM specifically for the buyer,” said Card. “The legacy solutions in the market fail to meet the needs of CIOs and Procurement leaders. VRM isn’t just about saving money, it’s about unlocking value and optimising strategic relationships.”
The launch was facilitated by a $3.2mn seed funding round in May led by Great Oaks Venture Capital, alongside NJF Capital, Innovation Global Capital and Abnormal Security Ventures.
Terzo said the platform aimed to unify features from enterprise resource planning and procurement platform with CRM functionality to facilitate transparency as well as collaboration and automation – in turn making vendors into strategic partners.
“VRM is a great new frontier for application and growth inside the enterprise IT ecosystem,” said Raj Sandhu, General Partner, Great Oaks Venture Capital. “This isn’t just about money you spend today, it is about working more strategically with your key suppliers – as partners – to drive innovation, speed-to-value and business results.”
