A spend management solution for mid-market organizations has raised a sizeable round of funding toward a global expansion and bolstering of new payment capabilities.
Vancouver-based Procurify this week secured USD $50 million, the company announced. The Series C round was led by Ten Coves Capital, with participation from Export Development Canada and existing investors including Information Venture Partners and HarbourVest.
The hulking round more than doubles the company’s total equity funding to over $70 million, according to a statement issued by the BC fintech firm.
“This funding round will support our mission to give organizations real-time visibility and control over all business spend,” stated Aman Mann, chief executive of Procurify.
Spend management is one of the most significant challenges faced by organizations, according to Mann.
As companies grow, it becomes increasingly complex to oversee purchasing, approvals, invoice processing, and payments. Mid-market organizations have to choose between legacy software or multiple-point solutions that lead to fragmented data and a poor user experience, the CEO says.
“Understanding how money exits the company is just as crucial as tracking the money flowing in,” explains Mann. “Not only do we want our customers around the globe to spend wisely and grow during the best of times, we also want them to leverage responsible spend practices to thrive during the worst of times.”
Procurify’s end-to-end platform enables organizations to consolidate workflows and data into a single system of record, unlocking real-time spend insights, among other features.
The demand for responsible spend controls, risk mitigation, and transparent financial oversight that promotes resilience and reduces operating costs has never been greater, Mann believes—as evidenced by Procurify’s 100% year-over-year increase in new sales.
“By thriving in these challenging market conditions, Procurify has proven that there is a real need for Intelligent Spend Management,” argues Steve Lula, Partner at Ten Coves Capital.
“Their significant expertise in procurement, vision to harness AI to deliver data-driven predictive insights, and opportunity to improve the customer experience with enhanced payments offerings uniquely positions them to shape and lead the future of the procure-to-pay market,” added Lula, who will join Procurify’s Board of Directors in connection with the investment.
Founded in 2013, Procurify operates a completely remote workforce.
Trusted by hundreds of customers across dozens of industries, the Canadian fintech manages over US$30 billion of global spend.