- Procurated recently announced that it has closed a $10 million Series A financing round. These are the details.
Procurated — the nation’s largest supplier ratings and review platform trusted by purchasing professionals in the state and local government and education (SLED) market — recently announced that it has closed a $10 million Series A financing round. This funding round brings its total funding to $15 million. And the funding was led by Greycroft with participation by Tribeca Venture Partners, TDF Ventures, and Limerick Hill, LLC.
Procurated was launched by former Pennsylvania Chief Procurement Officer David Yarkin to solve one of the most critical challenges facing procurement professionals nationwide: the scarcity of unbiased information about suppliers’ past performance. Since launching its beta product, Procurated has collected more than 33,000 reviews of 10,000 suppliers from 8,000 verified public sector employees. And 7 states have partnered with the company to give the central procurement office and end-users alike visibility into the performance of prospective and current suppliers.
Procurated’s intuitive user interface allows users to write reviews in minutes and efficiently read hundreds of reviews about a supplier on their desktop or mobile device. And procurement managers can use its vendor performance management module to instantly compare the performance of suppliers on a contract and to identify areas for improvement.
Procurated’s proprietary search and filtering capabilities allow buyers to find the exact types of suppliers that meet their organizational goals. From day one, Procurated users could search for highly-rated suppliers who have been certified as small, minority, women, or veteran-owned business enterprises by official certifying bodies.
KEY QUOTES:
“Government and education buyers spend $1.5 trillion annually on goods and services that directly impact citizens’ lives. But for too long, they have lacked reliable performance data to help make informed decisions. Now, buyers from coast to coast are able to make better purchasing decisions about suppliers thanks to reviews written by trusted peers on Procurated.”
— Alan Patricof, Co-Founder and Chairman of Greycroft
“It astounded me that we can read more reviews online about a restaurant or a hotel than a supplier being considered for a multimillion-dollar contract. Procurated is leading a revolution in purchasing by bringing the review-reading experience we rely on as consumers to the procurement profession.”
— Brian Hirsch, Co-Founder and Managing Partner of Tribeca
“As governments and schools adopt policies making their contracting processes more equitable, their procurement teams are working overtime to identify and reach out to diverse businesses. Buyers across the country are using Procurated to quickly find small businesses who have performed well for other governments or schools in their area.”
— Paul Finnegan, Managing Member of Limerick Hill, LLC
“From PPE shortages to supply chain disruptions, the procurement profession has taken center stage in national affairs. With that spotlight comes increasing scrutiny over the contracting decisions made every day in state capitols, city halls and school district offices. Through our growing community of thousands of purchasers sharing their supplier experiences, Procurated is instilling more trust and confidence in those decisions and reducing the risks of picking suppliers with spotty or unknown track records.”
Procurated founder David Yarkin
