Total amount raised
$101.8 Million
Latest funding date
10/01/2024
Location
Procurify has successfully raised funds over 7 rounds, with the latest being a Venture - Series Unknown round. The company is backed by 20 investors, including CIBC Innovation Banking and Export Development Canada.
Procurify offers an AI-powered procure-to-pay platform designed for mid-market companies, simplifying procurement, accounts payable, and expense management processes. Keep reading to explore the intricacies of Procurify's fundraising journey and the investors backing this innovative platform.
What Is Procurify?
Procurify is an AI-enhanced procurement and AP automation platform designed for mid-market companies. The platform helps organizations control their spending and save money by streamlining procurement, accounts payable, and expense management processes.
Founded in Vancouver, British Columbia, Canada, Procurify operates in various industries, including Cloud Computing, Enterprise Software, FinTech, Procurement, SaaS, Software, and Supply Chain Management. The company has an employee count of 101-250.
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 Procurify's platform.
- Seed Round
- Amount Raised: USD 1,200,000
- Date: April 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and expand the team.
- Seed Round
- Amount Raised: USD 4,000,000
- Date: July 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the platform and increase market reach.
- Series A
- Amount Raised: USD 7,000,000
- Date: November 2016
- Lead Investors: Runa Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product features and expand into new markets.
- Series B
- Amount Raised: CAD 26,000,000
- Date: June 2019
- Lead Investors: Information Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and improve platform capabilities.
- Series C
- Amount Raised: USD 50,000,000
- Date: October 2023
- Lead Investors: Export Development Canada, Ten Coves Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and expand market presence.
- Series Unknown
- Amount Raised: USD 20,000,000
- 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: USD 88,200,000
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 support companies at various stages of their business cycle, from startup to IPO and beyond.
- Investment Focus Areas: Innovation companies, technology, financial services
- Notable Investments: Procurify, Lightspeed, Shopify
- Export Development Canada (EDC)
- Details: Export Development Canada is a government agency that provides financial solutions to help Canadian businesses expand internationally. They offer insurance, financing, and bonding solutions to support export activities.
- Investment Focus Areas: Export-oriented businesses, technology, manufacturing
- Notable Investments: Procurify, Shopify, Hootsuite
- Ten Coves Capital
- Details: Ten Coves Capital is a private equity firm that focuses on investing in growth-stage companies. They provide capital and strategic support to help businesses scale and achieve their growth objectives.
- Investment Focus Areas: Technology, financial services, healthcare
- Notable Investments: Procurify, Vena Solutions, AvidXchange
- Information Venture Partners (IVP)
- Details: Information Venture Partners is a venture capital firm that invests in early and growth-stage technology companies. They focus on companies that are transforming financial services and enterprise software sectors.
- Investment Focus Areas: Financial technology, enterprise software, cybersecurity
- Notable Investments: Procurify, Sensibill, Verafin
- HarbourVest Partners
- Details: HarbourVest Partners is a global private markets investment firm. They provide innovative solutions to institutional investors worldwide, including private equity, real assets, and private credit.
- Investment Focus Areas: Private equity, real assets, private credit
- Notable Investments: Procurify, Uber, Airbnb
What's Next for Procurify?
Procurify stands at the cusp of significant growth, driven by the increasing adoption of AI and automation in procurement and financial management. With a recent infusion of USD 20 million from CIBC Innovation Banking, the company is poised to enhance its procurement technologies and improve organizational spend transparency and efficiency. This funding follows a substantial USD 50 million Series C round, indicating strong investor confidence in Procurify's potential.
Looking ahead, Procurify may explore additional venture capital or private equity funding rounds to support further development and expansion. The company could also consider strategic partnerships to enhance its platform capabilities. However, challenges such as competition from other procurement platforms and the need to keep up with rapid technological advancements remain. Ensuring data security and compliance with financial regulations will be crucial as Procurify continues to grow.
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