Vancouver-based Procurify, a procurement technology startup that aims to streamline B2B purchases, announced this week that it has raised $7 million in Series A financing. The round was led by Runa Capital, with participation from Point Nine Capital, Nexus Venture Partners and Business Development Bank of Canada (BDC).
Procurify was founded in 2012 by Aman Mann, Kenneth Loi, and Eugene Dong to transform the outdated paper-and-pen process of business-to-business purchases. With Procurify’s cloud-based online and mobile platform, companies can automate and consolidate their procurement logistics and maintain a comprehensive and transparent record of purchases.
“Investors and executives have begun asking a fundamental question: Do we know what kind of Spend Culture we have?” asked CEO Aman Mann in a statement announcing the financing. “It’s the pivotal transformation from Reactive to Proactive Spending that results in a smarter Spend Culture,” Mann continued. “It is Procurify’s responsibility to steer that transformation.” According to Procurify investor Nexus Venture Partners, large enterprises including Berkshire Hathaway, Airbus, TaskUs and Vision Critical use Procurify to foster their own “conscious spending” culture.
With the total procurement market at $16 billion and a reported annual growth rate of 30%, the space has attracted multiple competitors. Vroozi is a Los Angeles-based mobile procurement platform that aims to be the Amazon for business-to-business purchases. Another spend management software company, Coupa held its IPO last month, a testament to enterprises’ growing interest in relying on technology to navigate their expenses.
Procurify plans to use the new funding to scale its operations, with the help of its recent hire Angela Baldonero as chief operating officer.