How WeFunder Saved 50% on a SaaS Vendor Using CloudEagle

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Wefunder

Wefunder is no stranger to SaaS and startup enthusiasts worldwide. It is a crowdfunding platform that lets people invest as little as $100 in their favorite startups worldwide. 

They bridge the gap between startups and leaders in the digital space. Wefunder is seen as a Robin Hood for pre-IPO startups, allowing users to invest in them, resulting in higher business growth. 

Industry: Funding/​Crowdfunding Platform

Use Case: Spend optimization and Negotiation

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Problem

Wefunder’s financial team initiated a project, and the focus was to identify expensive vendors and optimize their spending. 

• The Wefunder team identified a tool with the second-highest spend in their stack. They have been using this particular vendor's application on a minimal commitment plan for over 7 years, resulting in the company paying thousands of dollars in overages.

• For over two months, the Wefunder team negotiated with the vendor to lower the cost per transaction. However, the vendor refused to do so unless a significant prepaid commitment existed.

Wefunder could not commit to such a large amount due to the unstable economic conditions.

• Wefunder even considered switching to another tool; however, this would pose an even greater challenge as it would require a significant engineering effort due to the need for multiple integrations.

“As a lean team, we did not have enough bandwidth to renegotiate and save on SaaS spending, which kept increasing daily.”

- Sophie Wang

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Solution

Wefunder onboarded with CloudEagle to save on their exceeding SaaS expenses. 

• Shortly, the CloudEagle team realized that the number of transactions on their second-expensive vendor could be optimized, which would significantly minimize their overages.
• The CloudEagle team met the specific vendor, but the renewal data had already passed, maintaining the same per-transaction rate. 

• However, CloudEagle’s assisted buying experts negotiated with the vendor by analyzing the current market landscape and saving Wefunder from the prepaid commitment trap. 

“We made the right choice with CloudEagle.”

- Sophie Wang

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Result

Wefunder team was negotiating for months to cut costs, but CloudEagle experts only took 30 minutes and two emails to reduce spending on their second-expensive vendor by 50%.

Here's Sophie Wang, sharing her experience working with CloudEagle.

Instead of switching to another tool, CloudEagle’s negotiations helped the Wefunder team continue using the same tool by minimizing the overages. 

Sophie Wang and her finance team are happy that their project to save on SaaS spending has brought them major success. CloudEagle was vital in identifying and negotiating with expensive vendors to cut costs. 

Wefunder’s small team increased their productivity as CloudEagle does all the heavy lifting of vendor negotiations and assists them in streamlining their spend management process. 

“I would strongly recommend you consider CloudEagle if you’re serious about realizing savings on your software spend.”

- Sophie Wang

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