Procurify – a leading all-in-one spend management solution for mid-market organizations – recently announced it has raised $50 million in a Series C funding round led by Ten Coves Capital, with co-investment from Export Development Canada (EDC) and participation from existing investors, including Information Venture Partners and HarbourVest, etc. The latest funding round, which doubles the company’s equity funding to over $70 million, will enable Procurify to expand globally, launch new payment capabilities, provide customers with an AI-enhanced procure-to-pay experience, and more.
The management of spending is one of the biggest challenges faced by organizations. And as companies grow, it becomes increasingly complex to oversee millions of dollars in purchasing, approvals, invoice processing, and payments. Mid-market organizations must choose between expensive legacy software or multiple-point solutions that lead to fragmented data and a poor user experience. And Procurify’s end-to-end platform empowers organizations to consolidate workflows and data into a single record system, unlocking real-time spending insights.
Due to tech sector layoffs, global supply chain disruptions, inflation, and rising operational costs, the post-pandemic economy presents unpredictable challenges in virtually every industry. And the demand for responsible spend controls, risk mitigation, and transparent financial oversight that promotes resilience and reduces operating costs has never been greater, as proven by Procurify’s 100% year-over-year increase in new sales.
Procurify notably has a 100% remote workforce that successfully competes with the best technology companies in the world and does so with a modern four-day workweek philosophy. And the company is now entering a new chapter with capital to strengthen its core offering and utilize AI to democratize data-driven decision-making, helping more customers maximize their return on spend and ensure every dollar works as hard as possible for their business. And organizational resiliency is in Procurify’s DNA, and the company will continue to empower customers to manage costs, discover growth opportunities, and future-proof their businesses in an ever-changing world.
KEY QUOTES:
“This funding round will support our mission to give organizations real-time visibility and control over all business spend. Understanding how money exits the company is just as crucial as tracking the money flowing in. Not only do we want our customers around the globe to spend wisely and grow during the best of times, we also want them to leverage responsible spend practices to thrive during the worst of times.”
— Aman Mann, Co-Founder and CEO of Procurify
“By thriving in these challenging market conditions, Procurify has proven that there is a real need for Intelligent Spend Management. Their significant expertise in procurement, vision to harness AI to deliver data-driven predictive insights, and opportunity to improve the customer experience with enhanced payments offerings, uniquely positions them to shape and lead the future of the procure-to-pay market.”
— Steve Lula, Partner at Ten Coves Capital, who will join Procurify’s Board of Directors in connection with the investment
