We are proud to announce our investment in North alongside Everywhere Ventures, Looking Glass Capital, DragonX Capital, and Uncommon Denominator.
The Elevator Pitch
North helps technology companies cut their cloud spending in half with enterprise-grade automation. Their main products, Savings Pods and Autopilot, help customers access discounted instances on Amazon Web Services (AWS.) Savings Pods allow customers to keep their AWS payer accounts and ‘subscribe’ to a discounted, North-managed instance. Autopilot is an automated service where North opportunistically resells discounted instances and bills customers directly. Customers pay 20% of savings achieved back to North.
The It Factor
Matt Biringer and Yassine Açoine co-founded North after separate careers in cloud services where they saw nearly 30% of spend wasted due to underutilization and poor visibility. We reached out to the team, connected early in the round, and were impressed with their sales ability, scrappiness, and category expertise. Less than a year into operations, North has grown to over $100K MRR without churning a single customer.
We were stunned to learn how often companies of all shapes and sizes routinely accept (and in some cases, are unaware of) wasted resources. Cloud infrastructure spend surpassed $290B in 2023 and by most estimates will continue growing at 20% year-over-year. With North’s aligned, straightforward business model (earning a percentage of achieved savings) we foresee rapid expansion – especially as AI systems demand increasingly cost-effective training, inference, and storage.
We are incredibly excited to partner with North and look forward to supporting Matt, Yassine, and the rest of the team as they endeavor to reshape cloud infrastructure spend.
Connect with North
Does your company (or a portfolio company) spend $5k+ a month in AWS spend? Visit North to quickly assess potential savings and check out the case study from their newest signed customer, Brave Software.
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