Procurify secures $50m series C for AI-driven spend management evolution

Procurify secures $50m series C for AI-driven spend management evolution

Procurify, dubbed as the foremost all-in-one spend management solution tailored for mid-market organisations, has successfully raised $50m in its recent Series C funding round.

Spearheaded by Ten Coves Capital, this funding also saw noteworthy contributions from Export Development Canada (EDC). Information Venture Partners, HarbourVest, among others, from the existing investor group, further bolstered the round.

In the intricate world of financial management, the complexity of overseeing purchases, approvals, and payments intensifies as organisations flourish. Given a choice between costly conventional software and fragmented solutions, many mid-market firms often find themselves at crossroads. Addressing this challenge, Procurify offers an end-to-end platform. This unique platform allows businesses to merge workflows and data, offering them unparalleled real-time insights into their spending habits.

The freshly infused capital aims to globalise Procurify’s footprint. Additionally, it seeks to introduce innovative payment methodologies and gift customers an enriched procure-to-pay experience powered by AI.

The aftermath of the pandemic has rattled industries, introducing unforeseen challenges ranging from tech layoffs to global disruptions. The increased demand for financial transparency, risk control, and spend management underlines Procurify’s value, as the company observed a remarkable 100% surge in its annual sales. Staying true to its ethos of responsible spending and governance, Procurify has endured the economic storms without layoffs. They pride their success on a skilled team, invigorated by a ‘people-first’ approach, marking their presence with a modern four-day workweek.

Procurify CEO Aman Mann remarked, “Understanding how money exits the company is just as crucial as tracking the money flowing in. 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.”

Additionally, Ten Coves Capital Partner Steve Lula, set to join Procurify’s board, expressed, “By thriving in these challenging market conditions, Procurify has proven that there is a real need for Intelligent Spend Management. 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.”

The latest injection of funds has taken Procurify’s total equity financing beyond the $70m mark.

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