Bonfire Secures $11 Million

Enterprise IT startup Bonfire announced the completion of $11 million in financing. Three investors participated in the round: Battery Ventures, Crosslink Capital, and Spider Capital.

Bonfire’s goal is to be a leading sourcing platform, addressing the seismic shift in procurement that has been fueled by rapid technological innovation, intense scrutiny on sourcing, and a growing focus on strategic procurement. The company’s cloud-based sourcing software helps modern sourcing teams achieve more strategic and collaborative outcomes while streamlining the process and cutting project times in half. The Bonfire platform is already trusted with billions of dollars of sourcing decisions each year, and it maintains that it is one of the fastest growing new procurement technologies for sourcing teams in all sectors.

According to the company, it plans to use the new financing to expand its sales and marketing teams, while also accelerating product development in key areas like predictive analytics.