- Leading procurement automation platform Approve.com announced that it has raised a $5 million seed round led by Aleph
Leading procurement automation platform Approve.com announced that it has raised a $5 million seed round led by Aleph. The funding will be used for innovation and global expansion. And Approve will establish US operations, invest in growth for its R&D team, and support new and existing accounts.
With a lightweight cloud-based platform, Approve offers a broad set of capabilities that standardize, streamline, and automate the procurement process thus empowering organizations to increase operational efficiency and cost savings. And as enterprise companies move away from the disarray of ad-hoc emails and spreadsheets, the need to scale and innovate procurement processes increases.
Approve delivers greater transparency to purchasing workflows and managed vendor interactions through an easy to use interface, affording companies the ability to gain critical insights into overall company spend and greater control.
The software-as-a-service (SaaS) platform creates custom approval workflows and tracks requests, orders, and vendor onboarding in real-time. And it integrates directly with existing ERP (Enterprise Resource Planning) solutions and securely syncs with real-time budgets.
There is a searchable vendor database that includes business information and spend volume as well as a unified interface that organizes all procurement-related data in one place. And Approve eliminates the friction when paying vendors with built-in payments that work for any vendor type.
Enterprise procurement suffers from fragmented tooling, broken communication and siloed data. This results in lengthy processes laden with unnecessary errors, and missed saving opportunities. Whereas, Approve reduces the buying cycle by 50 percent, cuts supply costs by 10 percent and lowers processing costs by upwards of 60 percent. Employees, budget owners and vendors are able to seamlessly collaborate which enables procurement managers greater control and visibility into the entire operation. The company fills the gap by offering a lightweight solution that is focused on managing organizational spend while enforcing proper procurement policies. Approve is a front-end for your financial organization.
KEY QUOTES:
“Before Approve, I founded a B2B swag management platform. Within two short years, we grew the business to $2M in sales with over 200 enterprise customers. Throughout that journey, I saw first hand the struggle legacy ERP solutions created. A market in dire need of a cultural shift, we set out to build a seamless, SaaS-based platform that would ensure transparency, collaboration, and efficiency, all while helping to scale enterprise companies and put them firmly on the path towards digital transformation.”
– Bar Winkler, co-founder and CEO of Approve
“Procurement is a neglected field with huge opportunity for innovation. Approve has created a tool that allows financial and procurement departments to come together, be more informed and operate in a collaborative manner ultimately resulting in significant cost savings.The ease of use is key here, along with the automation and integration the platform offers. Approve works with legacy solutions organizations may already have, transforming a deeply entrenched industry almost immediately.”
– Eden Shochat, Equal Partner at Aleph
“Digital transformation (DX) is reshaping procurement organizations’ business processes, employees’ work, and business outcomes globally. Smart businesses have turned their focus to software-as-a service (SaaS) and cloud-enabled procurement software because they need flexible and agile applications that are relatively easy to implement, configure, and update while also bringing in the latest innovation.”
