Wefunder is a renowned organization in the SaaS startup ecosystem that operates as a crowd-funding platform. It enables individuals to invest in their preferred startups with a minimum investment of $100 by connecting them with the startups and facilitating the purchase of equity shares.
The platform is considered the Robin Hood for pre-IPO startups since it democratizes investment opportunities for users of all kinds, contributing to the growth and prosperity of the startups.
Industry: Funding/Crowdfunding Platform
Use Case: Contract renewals
Wefunder didn’t have a centralized system to store and track their SaaS contracts. They were unaware of the renewal dates for various vendors, which led to the contracts being auto-renewed often.
Renewing SaaS applications on time was a major challenge for the team, as they were using decentralized and manual tracking approaches like spreadsheets.
“We identified a high-spending vendor and decided to switch to another platform to cut costs, but our contract got auto-renewed before we could migrate, costing us valuable money,” says Sophie Wang, Director of Finance at Wefunder. ”
- Due to the lack of an automated reminder system, they missed the renewals and could not switch to another platform. As a result, they had to continue using the same application until the next renewal window.
The major concern for Sophie Wang and her team was needless SaaS expenses incurred due to auto-renewals.
Wefunder sought a platform to help them renew their contracts on time. They chose CloudEagle after extensive research as it can initiate renewal workflows 90 days in advance and keep escalating to various stakeholders until the contract is renewed.
CloudEagle integrated with Wefunders' SSO and finance systems and organized all the vendors in a centralized dashboard.
Then, all of Wefunders' SaaS contracts tracked using spreadsheets were uploaded to the platform by CloudEagle.
- CloudEagle extracted all the metadata, including the renewal dates from the contracts, and organized them in a centralized dashboard for easy tracking.
- CloudEagle’s SaaS buying team contacted Wefunder’s vendors and created a conclusive renewal calendar for each.
- CloudEagle team also canceled all auto-renewal terms to provide enough time to leverage app usage data and negotiate a better deal with all vendors.
Now, the CloudEagle platform provides timely reminders and initiates renewal workflows 90 days in advance, giving Wefunder’s team enough time to make informed decisions on renewals.
“We made the right choice with CloudEagle,” says Sophie Wang.
Renewal workflows: Wefunder team doesn’t miss out on contract renewals anymore. Thanks to the workflows that begin 90 days before the renewal date, they have enough time to make proactive decisions on whether or not to renew the contacts.
In one instance, one of Wefunder’s high-spending vendors had a 60-day notice period for renegotiations or contract cancellations.
CloudEagle reminded the Wefunder team 90 days before the contract renewal date and informed them that the vendor requires a 60-day notice period for cancellation, or they will be forced to renew the contract.
Enough time to verify usage: The team used the 30-day window and identified that most of the application’s licenses weren’t being utilized for what they were paid for.
So, they canceled the contract before the notice period and switched to a cost-effective vendor, saving their SaaS expenses.
“Tracking renewals through CloudEagle’s workflow has eased things up for us. I no longer chase others for status updates on their tasks; instead, we're doing more productive work, leading to savings.
- Sophie Wang, Director of Finance, Wefunder
Stop losing valuable dollars to auto-renewals. Automate now and get ahead of SaaS renewals.