Procurify raises USD 20 mln to help companies manage spending

Information Venture Partners led the round, which saw contributions from Runa Capital, HarbourVest Partners, Manulife, and Kensington Capital’s BC Tech Fund. Procurify joined tech accelerator GrowLab’s boot camp in 2012. In 2012, the company graduated from GrowLab and went on to raise USD 4.2 million in seed capital and close a USD 7 million series A, and to expand the core team from five people to over 90.

Procurify’s cloud-based, AWS-hosted sofware-as-a-service (SaaS) offering, which was built with Django, enables corporate customers to manage organisational purchasing and procurement with features like digital purchase order submission, accounts payable automation, and more. It supports custom user, department, and location approval structures with notifications support and real-time budget forecasting, and its tracking and reporting tools provide visibility into purchase history by integrating with existing accounting suites like QuickBooks, Oracle’s NetSuite, and Amazon Business PunchOut.