Total amount raised
$5 Million
Latest funding date
4/1/2020
Location
Procol has successfully raised funding through five rounds, with the latest being a Series A round. The company is backed by 22 investors, including notable names like Aaryaman Vir and GMO VenturePartners.
Procol offers an enterprise SaaS platform designed to make procurement processes more efficient, faster, and cost-effective. Keep reading to explore the intricacies of Procol's fundraising journey and the investors backing this innovative platform.
What Is Procol?
Procol, an enterprise SaaS company, is dedicated to making procurement processes more efficient, faster, and cost-effective. Founded in Gurgaon, Haryana, India, Procol operates in various industries, including computer, enterprise software, information technology, procurement, SaaS, and software.
With a workforce of 101-250 employees, Procol leverages AI to automate procurement processes, providing complete control over spending and significant cost savings. Trusted by over 200 enterprises globally, the platform offers features like Source to Pay, Procure to Pay, Strategic Sourcing, eAuctions, and Procurement Orchestration.
How Much Funding Has Procol Raised?
- Series A (September 13, 2022)
- Amount Raised: USD 6,500,000
- Date: September 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To build and enhance Procol's procurement software and B2B marketplace.
- Series A (June 17, 2022)
- Amount Raised: USD 5,500,000
- Date: June 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance Procol's procurement software and support its growth.
- Seed (July 14, 2020)
- Amount Raised: USD 4,000,000
- Date: July 2020
- Lead Investors: Surge
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the platform and scale initial operations.
- Seed (July 17, 2019)
- Amount Raised: USD 1,000,000
- Date: July 2019
- Lead Investors: Blume Ventures, Rainmatter Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the platform and enter the market.
- Grant (January 1, 2018)
- Amount Raised: USD 100,000
- Date: January 2018
- Lead Investors: Y Combinator
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Early-stage development and operational setup.
Procol has raised a total of USD 17,100,000. The current valuation is Not publicly disclosed.
Key Investors
- GMO VenturePartners
- Details: GMO VenturePartners is an early and growth-stage investment subsidiary of GMO Internet Group. They focus on technology startups, particularly in fintech and enterprise software.
- Investment Focus Areas: Fintech, enterprise software, digital transformation
- Notable Investments: Slice, LetsTransport, 8vdX
- Blume Ventures
- Details: Blume Ventures is a venture capital firm that invests in early-stage tech startups in India. They have been an existing investor in Procol since its seed funding round.
- Investment Focus Areas: Early-stage tech startups, India
- Notable Investments: Unacademy, Dunzo, Procol
- Beenext
- Details: Beenext is a venture capital firm that focuses on early-stage tech startups in India, Southeast Asia, and Japan. They have been an existing investor in Procol.
- Investment Focus Areas: Early-stage tech startups, India, Southeast Asia, Japan
- Notable Investments: Not publicly disclosed
- Sequoia Surge
- Details: Sequoia Surge is an accelerator program by Sequoia Capital that supports early-stage startups. They have been an existing investor in Procol.
- Investment Focus Areas: Early-stage startups, various sectors
- Notable Investments: Not publicly disclosed
- Alarko Ventures
- Details: Alarko Ventures is an investment firm that focuses on diverse sectors including technology and innovation. They participated in Procol's Series A funding round.
- Investment Focus Areas: Technology, innovation, diverse sectors
- Notable Investments: Not publicly disclosed
What's Next for Procol?
Procol stands at the cusp of significant growth opportunities, driven by the burgeoning $500 billion procurement market in India. With recent funding of $6.4 million, the company is poised to enhance its procurement software and B2B marketplace, aiming to streamline procurement processes for enterprises and SMEs. The increasing digitization and automation in the industry further bolster Procol's potential to capture a substantial market share.
Future fundraising opportunities appear promising as Procol continues to scale its operations and technology. The involvement of prominent investors and the company's rapid growth trajectory suggest that additional funding rounds are likely. This financial backing will be crucial for Procol to expand its supplier network and enhance its software solutions.
However, Procol may face challenges such as intense competition from other procurement platforms and the need to manage a large, fragmented supplier base. Ensuring the scalability and reliability of their technology will be essential to maintaining a competitive edge. Despite these hurdles, Procol's strategic focus and robust market potential position it well for continued success.
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