Ten Coves Capital, EDC join existing backers Information VP, HarbourVest.
Vancouver-based spend management and procurement software startup Procurify has secured more than $68 million CAD ($50 million USD) in Series C funding.
The round was led by United States-based FinTech investor Ten Coves Capital and included a co-investment from fellow new investor Export Development Canada. The financing also saw participation from existing Procurify backers like Toronto’s Information Venture Partners and Boston-based HarbourVest Partners.
Amid a tough economic environment, Procurify claimed it has seen a 100 percent year-over-year increase in new sales.
Procurify’s Series A round comes over four years after the company closed $26 million CAD in Series B financing. This latest capital brings Procurify’s total funding to more than $95 million. Procurify plans to use the funding to fuel its global expansion, roll out new payment capabilities, and strengthen its core procure-to-pay platform with artificial intelligence (AI).
Founded in 2013, Procurify aims to take some of the pain out of enterprise procurement. The company sells an all-in-one intelligent spend management platform to mid-market organizations. Procurify’s solution combines purchasing, accounts payable automation, and data analytics into a single platform. Today, Procurify helps hundreds of customers across dozens of industries manage more than $40 billion CAD in global spending, with a list of clients that includes Questrade, SkipTheDishes, Hootsuite, and Asana.
“Understanding how money exits the company is just as crucial as tracking the money flowing in,” Procurify co-founder and CEO Aman Mann said in a statement. “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.”
Within the procurement software space, Procurify’s competitors include incumbents like Coupa, enterprise resource management software solutions that have procurement features, such as NetSuite, as well as other tech startups, like Precoro.
RELATED: Procurify raises $26-million CAD Series B for spend management solution
Ten Coves Capital invests in high-growth B2B software companies across the FinTech ecosystem. In addition to Procurify, the Connecticut-based growth equity firm’s Canadian portfolio also includes Q4 Inc, 7shifts, TealBook, TouchBistro, and Versapay.
Amid a tough economic environment, Procurify claimed demand for its tech has grown and the firm has seen a 100 percent year-over-year increase in new sales, all while the startup has managed to avoid layoffs.
Steve Lula, partner at Ten Coves Capital, is joining Procurify’s board as part of the round. In a statement, Lula cited Procurify’s performance during these challenging market conditions as evidence of the need for intelligent spend management solutions.
According to Lula, Procurify’s expertise in procurement, coupled with its plan to roll out enhanced payment offerings and use AI to offer data-driven predictive insights, position the startup “to shape and lead the future of the procure-to-pay market.”
Feature image courtesy Procurify.
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