Scout RFP, a San Francisco-based sourcing and supplier engagement platform company, has raised $33 million in Series C funding. This round of funding was led by Scale Venture Partners. Previous investors Menlo Ventures and NewView Capital participated in this round along with new strategic investors Workday Ventures and Salesforce Ventures. In conjunction with this round of funding Alex Niehenke of Scale Venture Partners is joining the company’s board of directors.
Scout is also joining the Workday Software Partner program. And the two companies are going to collaborate on go-to-market and product initiatives benefiting joint customers. Workday Ventures managing director and co-head Mark Peek pointed out that Scout and Workday share a commitment to deliver innovative cloud-based applications that are faster to deploy and easier to use when it comes to the “complex world of sourcing and supplier engagement.”
“We’re thrilled to work with Alex Niehenke and the entire ScaleVP team,” said Scout RFP CEO and co-founder Alex Yakubovich in a statement. “ScaleVP’s experience helping companies at our stage accelerate growth and successfully expand sales and marketing is unmatched. When combined with the finance, HR, and enterprise SaaS experience that Workday Ventures and Salesforce Ventures bring to the table, we are well-positioned to redefine the impact that our sourcing and procurement customers can have on their companies.”
Since Scout RFP launched in 2014, Scout RFP raised $60.3 million in funding. And Scout RFP has been pursuing its mission to make enterprise commerce faster and safer since then.
Currently, the company has over 175 global enterprise customers across 117 countries such as VMware, Starbucks, Conagra, Gilead, and Zebra Technologies. In the past year, Scout RFP saw two times growth in annual recurring revenue and the company added 100,000 users to its platform. Currently, Scout’s platform manages over $20 billion in project spend.
With this round of funding, Scout will accelerate its growth of sales and marketing and build product and engineering to drive innovation in the platform. Plus the company is going to expand its presence in key verticals like financial services, pharma, manufacturing, and healthcare. Through Scout’s sourcing and supplier engagement platform, procurement teams are able to simplify complex processes, optimize contracts, and increase enterprise profitability.
“Enterprises often struggle to efficiently manage their strategic sourcing programs. Yet the incumbent procurement platforms treat sourcing as a low-value add-on,” added Niehenke. “Scout is the clear category leader whose solution is validated by an exceptional customer list. The company’s experienced leadership, customer-first culture, and easy-to-use platform are a rare combination.”
