Sourcing and Supplier Platform Scout RFP Secures $33 Million
Scout RFP raised $33 million in a Series C funding round led by Scale Venture Partners, with participation from previous investors Menlo Ventures and NewView Capital. New strategic investors Workday Ventures and Salesforce Ventures also participated in the round. In addition to the investment, Alex Niehenke from Scale Venture Partners will join Scout’s board of directors.
Scout’s sourcing and supplier engagement platform is designed to help procurement teams simplify processes, optimize contracts, and increase enterprise profitability. The platform hosts 100,000 users across 117 countries, including 175 global enterprise customers such as Beam Suntory, Conagra, Gilead, VMware, Starbucks, and Zebra Technologies. According to the company, the team has seen twice the growth in annual recurring revenue.
Scout plans to use the Series C funds to grow sales and marketing, build innovative platform products and engineering, and expand Scout’s presence in financial services, pharma and biotech, manufacturing, and healthcare.