Procurify grabs hold of $7m

Procurify has raised $7m in a Series A round of funding to grow its procurement platform.

The investment was led by Runa Capital and also saw participation form Point Nine Capital, Nexus Venture Partners and the Business Development Bank of Canada.

The Vancouver-based firm’s software is designed to help companies manage direct and indirect spending and streamline their purchasing processes.

Procurify’s platform offers features such as mobile and cloud-based budget management, fraud detection and real time spending tracking.

Founded in 2012 the company announced in April this year that it saw a 250% increase in net new revenue and a 500% increase in new revenue from existing clients in the first quarter.

Procurify CEO and co-founder Aman Mann said the growth came as a result of, “larger deal sizes,” and an increase in enterprise clients including Berkshire Hathaway, Bangkok Life Insurance and OLX.

The company say it counts users in more than 100 countries and will use the capital to scale up its platform as the business grows.

Copyright © 2016 FINTECH GLOBAL

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