- Leading Vancouver-based SaaS spend management solution company Procurify announced it raised $20 million in Series B funding
Procurify is a leading Vancouver-based SaaS spend management solution company. Recently, Procurify announced it closed $20 million in Series B funding. The investors in this round include one of Canada’s largest venture capital firms — which is Information Venture Partners. Runa Capital, HarbourVest Partners, Manulife, and BC Tech Fund managed by Kensington Capital also joined the round.
Procurify has a mission to reinvent the way organizations spend. And Procurify enables maturing companies to be proactive about managing their Spend Culture by providing a combination of accessible data, convenient process, and manageable controls to streamline the request to approve process.
Procurify already has more than $7 billion of its clients’ spend management passing through its platform every year. And the company will be using the funds to continue to grow a customer-centric team that builds impactful solutions and to continue to scale the company through a number of sales and marketing initiatives. Plus Procurify also has plans to further expand the company’s offering into international markets.
“The way organizations are managing their spend has evolved and changed throughout the years, and the landscape of business tools need to keep up with that evolution,” said Procurify co-founder and CEO Aman Mann. “We are so grateful to embrace the next stage of Procurify, and to have some of the top investors and leaders in U.S & Canada believe and support our mission of reinventing the way organizations spend, to transform the Spend Cultures of businesses around the world for the better.”
Some of Procurify’s recent hires include Eric Bin (former Director of Product at legal practice management software company at Clio) as VP of Product and Simon Stanlake (former CTO of Hootsuite) as SVP of Engineering.
“There is this massive void within the mid-market for easy-to-use solutions that serve growing organizations when it comes to tracking company spending and purchasing,” added Information Venture Partners general partner and co-founder Robert Antoniades. “Procurify has an immense market opportunity to create a new category around Spend Culture for small to mid-size companies.”
Procurify also pointed out that it has a few other developers underway including a prepaid card program and a series of educational roundtables and events for the CFO.
