What’s Next for Procurify: AI-Enhanced Intelligent Spend Management
Procurify has raised $50M of Series C funding to expand globally, launch new payment capabilities, and provide customers with an AI-enhanced procure-to-pay experience. The round is led by Ten Coves Capital, with co-investment from Export Development Canada (EDC) and participation from existing investors including Information Venture Partners and HarbourVest, et al.
For the past decade, the team at Procurify has been working tirelessly to provide organizations with unprecedented visibility and control over their business spend. It’s our belief that oversight into every dollar spent is just as important as visibility into every dollar earned.
Spend management is a challenge faced by every industry, but mid-market organizations in particular are currently underserved by expensive legacy platforms that are difficult to implement, use, and maintain. Similarly, companies adopting multiple point solutions to manage different aspects of their procure-to-pay workflows will face usability issues, integration challenges, and significant administrative overhead.
Procurify enables organizations to consolidate workflows and data into one easy-to-use procure-to-pay platform, unlocking real-time insights into their spend. This is what Procurify calls Intelligent Spend Management, and it’s enabling our customers around the globe to spend wisely and grow during the best of times — as well as leverage responsible spend practices to thrive during the worst of times.
Why spend transformation must happen now
The aftermath of the pandemic has reshaped the business landscape, with ripples seen from tech layoffs, inflation, rising operational costs, and global supply chain disruptions. Responsible spend controls are no longer a luxury; they are a necessity.
Our ability to close this funding round — in a year when Series C capital dipped by a whopping 74% in the first quarter — stands testament to the pressing need for Intelligent Spend Management to provide organizations with real-time visibility and control to promote resilience and reduce operating costs.
People-first organizations are the future of work
To us, this new capital also underscores a profound truth: when businesses prioritize people, success follows. Procurify is proof that what is good for people is good for business, and our 100% YoY revenue growth illustrates that.
Not only have we navigated a tumultuous economy with zero layoffs, but we’ve successfully competed against competitors with a fully remote workforce and a balanced four-day workweek. Our people-first philosophy is a testament to the fact that when you genuinely care for people, you’re not just doing good – you’re doing good business.
Ushering in the next era of Intelligent Spend Management
This new investment will help us strengthen our core offering, launch new payment capabilities, and deliver an AI-enhanced procure-to-pay experience – all in service of helping our customers ensure every dollar works as hard as possible for their business.
We believe that spend management is on the brink of a transformative change. In the near future, procurement will no longer mean merely react to spending events. Intelligent Spend Management will empower procurement professionals to proactively lead value-creation initiatives, maximizing their return on spend and future-proofing their business for years to come.
A wholehearted thank you to our investors for their enthusiasm about Procurify’s mission and vision. Thank you to our customers for their continued support and for entrusting us with managing over US$30 billion of global spend. And of course, an immense thanks to the Procurify team for years of hard work, heart, and dedication.
Thank you for being a part of our journey. We can’t wait to keep shaping the future of Intelligent Spend Management together.