Total amount raised
$101.8 Millions
Latest funding date
10/01/2024
Location
Procurify has successfully raised funds through multiple rounds, with the latest being a Venture - Series Unknown type, closed on October 30, 2024. The company is backed by 20 investors, including notable names like CIBC Innovation Banking and Export Development Canada.
Keep reading to explore the intricacies of Procurify's fundraising journey and the investors backing this innovative platform.
What Is Procurify?
Procurify, founded on September 1, 2012, in Vancouver, British Columbia, Canada, specializes in procurement software designed to simplify and automate the procure-to-pay process. The company was established by Aman Mann, Eugene Dong, and Kenneth Loi.
Procurify's platform offers purchasing and accounts payable automation software for mid-sized businesses, providing visibility and control over business expenditures. Their AI-powered tool includes features like centralized purchasing management, custom approvals, budget controls, and insights.
With a team of 101-250 employees, Procurify helps businesses manage their spending by offering complete control and visibility of where company money is going, ensuring accountability across the organization.
How Much Funding Has Procurify Raised?
- Pre-Seed Round
- Amount Raised: Not publicly disclosed
- Date: November 2012
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their procurement software.
- Seed Round
- Amount Raised: $1.2M
- Date: April 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and accelerate product development.
- Seed Round
- Amount Raised: $4M
- Date: July 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance the platform's features.
- Series A
- Amount Raised: $7M
- Date: November 2016
- Lead Investors: Runa Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and improve customer acquisition strategies.
- Series B
- Amount Raised: CA$26M
- Date: June 2019
- Lead Investors: Information Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product capabilities and enter new markets.
- Series C
- Amount Raised: $50M
- Date: October 2023
- Lead Investors: Export Development Canada, Ten Coves Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's growth and technological advancements.
- Venture Round
- Amount Raised: $20M
- Date: October 2024
- Lead Investors: CIBC Innovation Banking
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the continued development of innovative procurement technologies and enhance organizational spend transparency and efficiency.
Total Amount Raised: $82.2M USD. Current Valuation: Not publicly disclosed.
Key Investors
- CIBC Innovation Banking
- Details: CIBC Innovation Banking provides strategic advice, cash management, and funding to innovation companies across North America, the UK, and select European countries. They have offices in multiple cities including Atlanta, Austin, Boston, Chicago, Denver, Durham, London, Menlo Park, Montreal, New York, Reston, Seattle, San Francisco, Toronto, and Vancouver.
- Investment Focus Areas: Innovation companies at various stages of their business cycle, from startup to IPO and beyond.
- Notable Investments: Specific notable investments are not mentioned in the sources.
- Export Development Canada (EDC)
- Details: EDC is a Canadian government agency that provides financing and insurance solutions to help Canadian businesses expand internationally. They support companies in their growth and international market entry.
- Investment Focus Areas: Canadian businesses looking to expand internationally.
- Notable Investments: Specific notable investments are not mentioned in the sources.
- Ten Coves Capital
- Details: Ten Coves Capital focuses on growth equity investments in financial technology and services companies. They led the US $50 million Series C funding round for Procurify.
- Investment Focus Areas: Financial technology, services companies.
- Notable Investments: Led the US $50 million Series C funding round for Procurify.
- Information Venture Partners (IVP)
- Details: IVP focuses on early-stage venture capital investments in enterprise software, financial technology, and related sectors. They participated in the Series C funding round for Procurify.
- Investment Focus Areas: Enterprise software, financial technology, related sectors.
- Notable Investments: Participated in the Series C funding round for Procurify.
- Runa Capital
- Details: Runa Capital is a global venture capital firm that invests in early-stage software and cloud startups. They led the Series A funding round for Procurify.
- Investment Focus Areas: Software, cloud startups.
- Notable Investments: Specific notable investments are not mentioned in the sources.
What's Next for Procurify?
Procurify stands at the cusp of significant growth, driven by the increasing adoption of AI-enhanced procurement and accounts payable automation solutions. With $20 million in recent growth capital and a previous $50 million Series C funding, the company is well-positioned to expand its innovative technologies and enhance organizational spend transparency and efficiency.
Future fundraising opportunities are likely as Procurify continues to develop its platform and attract new customers. The company may seek additional venture capital or debt financing to support its expansion and technological advancements. However, challenges such as competition from other platforms and the need to keep up with rapid technological changes could pose hurdles along the way.
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