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Roughly eight years ago , a little - known startupcalledProcurifyraised $ 4 million for its platform that host tools to take some of the annoyance out of enterprise procurement .
The company never became buzzy , exactly . But Procurify grew steady over the subsequent years , going on to raise $ 20 million in its Series B and today closing a $ 50 million Series C funding daily round precede by Ten Coves Capital with involvement from Export Development Canada , Canada ’s export deferred payment bureau .
Procurify , which is based in Vancouver , Canada ( hence the investment from the EDA ) , was co - base by Aman Mann ( the CEO ) , Eugene Dong ( the CTO ) and Kenneth Loi ( the former CCO ) . The trio began work on the approximation for the company in Dong ’s parent ’ cellar after meeting in British Columbia Institute of Technology ’s business management program in 2011 .
“ We recognise a gap in the procurement market for affordable , well-heeled - to - use procurance software , ” Mann told TechCrunch in an email audience . “ In virtually every industriousness , establishment are struggling with a deficiency of real - time pass visibleness and restraint . ”
To Mann ’s point , accordingto a late Statista sight , hundreds of fellowship engaging in patronage - to - business procural — i.e. determination , agreeing to term and purchasing commodity and services from a third party — admit to struggle with compliance processes , complex approval processes and purchasing systems and conciliate invoices in a well timed manner .
So how does Procurify help ? By consolidate various procurance steps in one position , in the main .
Procurify offers mental faculty to manage buying , answer for collectable ( i.e. money owed to suppliers ) and information analytics . Using the chopine , customer can reallocate procurance spend and adapt forecasts , identify bottlenecks in “ procure - to - pay ” workflows and do supplier analyses to inform future procurement decisions .
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Procurify also leverages AI , detecting anomaly in purchase guild or account to swag them for critical review .
“ In today ’s post - pandemic economy , diligence are grappling with layoffs , disrupted supply chains and move up operational cost , ” Mann sound out . “ The need for responsible for spend control and clear fiscal oversight is more urgent than ever . ”
Procurify competes with incumbents ( Coupa , SAP Ariba ) , enterprise resource direction software with procural management feature ( NetSuite ) and upstarts ( Precoro , Zip ) in theover-$6.1 billionprocurement software segment .
The startup is likely doing well for itself , though , with a customer base of more than 700 company , a 100 % year - over - year increase in sales and plan to gift heavily in bringing new AI capabilities to market .
“ Procurify help organizations fetch more spend under direction , thereby consolidating spend data from our customers ’ procure - to - pay workflows to offer a concluded pictorial matter of outlay before they ’re committed , ” Mann said . “ By rein in the power of this comprehensive spend data and integrate it with AI fashion model , enterprises could excavate opportunities for process optimisation , manage risk and achieve price efficiency . ”
Procurify , which has a team of just over 170 employee , has raised a total of $ 70 million in venture chapiter to date . In accession to AI R&D , Mann says that the proceeds from the Series C will be put toward general expansion and set up new payment feature .
