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News

Procurify raises USD 50 mln in Series C funding

Friday 20 October 2023 12:30 CET | News

Procurify, an all-in-one spend management solution, has raised USD 50 million in Series C funding to usher in the next era of AI-enhanced spend management.  

This funding round was led by Ten Coves Capital., with co-investment from Export Development Canada (EDC) and participation from existing investors including Information Venture Partners and HarbourVest. 

This latest investment now more than doubles the company’s total equity funding to over USD 70 million. The funding is also set to enable Procurify to expand globally, launch new payment capabilities, as well as provide customers with an AI-enhanced procure-to-pay experience. 

Procurify, an all-in-one spend management solution, has raised USD 50 million in Series C funding to usher in the next era of AI-enhanced spend management.

Simplifying spend management 

The press release notes that spend management is one of the most significant challenges faced by organisations. As companies grow, it becomes increasingly complex to oversee millions of dollars in purchasing, approvals, invoice processing, and payments. Mid-market organisations have to choose between expensive legacy software or multiple-point solutions that could lead to fragmented data and a poor user experience. Procurify’s end-to-end platform seeks to enable these organisations to consolidate workflows and data into a single system of record, unlocking real-time spending insights. 

From tech sector layoffs to global supply chain disruptions, inflation, and rising operational costs, the post-pandemic economy continues to present unpredictable challenges in most industries. The demand for responsible spend controls, risk mitigation, and transparent financial oversight that reduces operating costs has never been greater. 

Procurify is entering a new chapter with capital to strengthen its core offering and leverage AI to democratise data-driven decision-making and helping more customers maximise their return on spend. 

More about Procurify 

Procurify’s Intelligent Spend Management platform provides real-time visibility and control over all business spend. It aims to promote transparency and accountability for organisations while capturing reliable spend data to help fuel business growth. The company also helps organisations gain a competitive edge by transforming spend management from a reactive cost centre to a proactive, profit-driving function. Beyond process optimisation, spend data can drive strategic discussions that may directly influence organisational growth and financial health. 

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Keywords: funding, banking, fintech, spend management
Categories: Banking & Fintech
Companies: Procurify
Countries: World
This article is part of category

Banking & Fintech

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Procurify

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