Quolum, a startup aiming to help companies control their spending on SaaS subscriptions, launched out of Sequoia's Surge accelerator program with $2.75 million in seed capital.
As companies look for ways to save costs during the coronavirus pandemic, software subscriptions are likely to become a growing area of focus.Large corporations looking to scale down on subscriptions to different software services now have a way to begin cutting responsibly — by testing another software.
Quolum aims to sell its software to large companies, who can often fall victim to hasty employee spending. By keeping track of employee usage data, Quolum's software allows companies to approve and keep track of the different software subscriptions that its hundreds of employees use and expense to the company.
Khaitan said that office spending on enterprise software reminded him of unregulated office spending on websites like Amazon and eBay in the heyday of the dotcom era. Back then, he could theoretically choose to buy anything and expense it to the company without first going through any process for keeping track of spending.
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