BlueBean – an all-in-one procure-to-pay solution – announced its launch with $1.3 million in capital. Tola Capital led this funding round, and partner Aaron Fleishman joined as a board member. Created in 2023 by procurement expert and former Coupa Software VP Fabrice Saporito, BlueBean helps businesses manage expenses.
Larger businesses make use of professional procurement teams to get lower prices from vendors. But a large market of 90% of global businesses buy without a procure-to-pay solution or team to help negotiate prices or ensure compliance. BlueBean provides a new way to run procurement with a browser extension that helps businesses easily manage their expenses. And it targets companies without procurement organizations to help them increase profits by decreasing purchasing costs.
BlueBean’s discount codes and negotiated prices on over 20 purchase categories and thousands of products and services give a head start to any organization that does not have an in-house procurement team, while enabling them to make purchases that are within their rule set, without delaying the process with extra steps or people.
With the new funding round, BlueBean will primarily invest in product development and support resources to ensure customer success. And the company plans to onboard its first customers that have already signed up during the beta period.
KEY QUOTES:
“BlueBean offers procurement, simplified. We give you the deals as part of the package. We’re your team, tech and policy – all in one single extension that accesses the best prices with an easy user experience that requires zero software, supplier onboarding or training. We’re excited to have Tola on board with its expertise and commitment to our shared vision of a transformational product experience that delivers discount pricing and cost savings directly to businesses.”
– Fabrice Saporito, co-founder and CEO of BlueBean
“The BlueBean team has been successfully pioneering the procurement industry for the past 25 years. We’re thrilled for the opportunity to partner with them as they build out an easy to use procurement product experience for a large part of the market that has been underserved to date.”
– Aaron Fleishman, Partner at Tola Capital
