Welcome to an insightful interview with Sven Lackinger, Co-founder of Sastrify, a digital procurement platform for SaaS products based in Cologne, Germany. Launched in 2020, Sastrify changes how companies approach SaaS subscriptions, merging procurement, IT, and finance teams into a cohesive unit. This innovative platform not only streamlines processes but also ensures the best deals through strategic partnerships and a comprehensive pricing database.
Sven Lackinger, a seasoned entrepreneur, brings a wealth of experience and a deep understanding of the SaaS and technology sectors. His prior success with Evopark a Software that supports parking operators, and his role in shaping Sastrify’s strategic direction, highlight his commitment to delivering exceptional value and efficiency in SaaS procurement.
In this interview, we explore Lackinger’s entrepreneurial journey, the milestones and challenges Sastrify has faced, and his vision for the future of SaaS procurement. Lackinger shares invaluable insights and advice for aspiring entrepreneurs, particularly in the fast-evolving tech landscape. Join us as we delve into the story behind Sastrify’s success and its ambitious plans for the future.
Can you walk us through your entrepreneurial journey and how it led you to become the Co-founding Sastrify?
My co-founder Max and I met during our university years and became roommates as well as close friends. Our first venture, Evopark, a SaaS solution for parking garage operators, was born out of a course during our master’s studies with two more friends. After its successful acquisition in 2018, we stayed on board for two more years. In 2020, fueled by Max’s software management challenges and my efforts to keep those expenses low, we identified a common problem faced by many companies. This led us to found Sastrify, with a mission to simplify the SaaS procurement process.
For those who might not be familiar with Sastrify, can you give us a brief overview of what Sastrify does and how it operates?
Sastrify is a leading digital procurement platform for software and cloud products, supporting hundreds of companies in managing their subscriptions. Our platform streamlines the entire software lifecycle, addressing needs, managing contracts, and handling renewals. We are committed to saving time, reducing costs and simplifying the complex processes involved in SaaS management, ensuring our clients can focus on their core operations.
Sastrify has rapidly evolved since its inception in 2020. Can you describe the key milestones that have led to its current success? What makes your platform unique compared to traditional procurement methods?
Key milestones for Sastrify included successful fundraising up to our $32 million Series B round this year, assembling a talented team, and continuous product refinement based on invaluable customer feedback. Our uniqueness lies in offering a holistic solution to the growing trend of decentralized software buying. By saving time and simplifying intricate procurement procedures, Sastrify enhances operational efficiency, setting us apart from traditional methods.
On the other hand, What are some of the biggest challenges you’ve encountered in the SaaS procurement industry, and how has Sastrify addressed these challenges?
Understanding the complexities of software procurement in the market we are serving and identifying the points of friction was certainly a major challenge. We’ve tackled these challenges by engaging with potential users early in the development process. This iterative approach allowed us to address pricing concerns and tailor the platform to meet the specific needs of our users.
Sastrify offers a significant ROI with minimal effort from clients. Can you share some success stories or case studies that demonstrate this impact?
We are proud to have a few standout success stories that you can find on our website. Those include for instance our collaboration with the language app Babbel or the spend management software Spendesk. By leveraging Sastrify, they not only achieved substantial savings in software costs but also gained transparency in their software stack. This transparency empowered them to make informed decisions, resulting in a profound impact on their bottom line.
Given the rapid changes in technology, where do you see the future of SaaS procurement heading, and how is Sastrify preparing to meet future demands?
The future of SaaS procurement is anticipated to involve increased decentralization and a continuous influx of innovative tools. Sastrify is strategically positioned to meet future demands by maintaining agility, embracing emerging technologies, and staying ahead of industry trends through the continuous evolution of our platform.
Having successfully co-founded and managed startups, what advice would you give to aspiring entrepreneurs, especially those looking to enter the SaaS or technology sectors?
They should prioritize creating value for customers early in their journey, actively seek and incorporate user feedback, start generating revenue as soon as possible (ideally, almost from day one), and build a dedicated team that aligns with the overarching mission. Additionally, there is a wealth of great materials and advice available, which can help you avoid many traps and mistakes.
Just to finish this conversation, one last personal one: What’s the best piece of advice you’ve received as an entrepreneur, and how has it guided you?
The most impactful advice received as an entrepreneur has been to set clear gates for the company and yourself. This allows you to challenge the status quo, make sure that you stay on track and also take the hard decisions… And finally, you have to enjoy the ride as much as possible.
Read the orginal article: https://www.eu-startups.com/2023/12/behind-the-scenes-of-saas-innovation-interview-with-sven-lackinger-co-founder-of-sastrify/
