Procurify, a cloud-based procurement management solution, has received US$4 million in seed funding. Investors in the round included Point Nine Capital, Nexus Venture Partners and the Business Development Bank of Canada (BDC). Ryan Holmes and Steve Johnson, CEO and chief revenue officer of Hootsuite, also invested and have become advisors to the Vancouver-based company. Procurify’s software-as-a-service platform helps small businesses manage both direct and indirect spending. It said the proceeds of the latest round will be used to invest in sales, marketing and product development.
Procurify closes $4 million seed investment from Nexus Venture Partners, Point Nine Capital, and BDC
Vancouver, B.C. – Procurify, a software as a service (SaaS) startup offering purchasing software to small- and medium-sized businesses worldwide, today (July 21) announced the closing of US $4 million in seed funding from Point Nine Capital, Nexus Venture Partners and the Business Development Bank of Canada (BDC).
Ryan Holmes and Steve Johnson, CEO and chief revenue officer of Hootsuite, a leading social media management platform and a Procurify client, are joining this investment round and becoming advisors of the the Procurify team.
Procurify will use this funding to fuel its continued growth in the multi-billion dollar cloud and mobile enterprise software market with further investment into sales, marketing and product development.
Procurify saves companies all over the world time and money via its fully-featured, cloud-based purchasing platform. It can be used to manage both direct and indirect company spending, while providing complete control and visibility of where company money is going in real-time, using easy to generate reports and analytics.
Sue Yoon, vice president of finance at AltSchool, a Procurify client, said: “Since implementing Procurify, 50% of all purchasing is becoming standardized, saving our educators an hour per week of their time, which can be used to focus more on children in the classroom. In addition, all teacher procurement came in this past school year under budget.”
Christoph Janz, managing partner at Point Nine Capital and former Internet entrepreneur and angel investor, has been involved in early stage investments with successful internet startups such as Zendesk, Clio and Geckoboard.
Janz said, “We know and love the SaaS space. Procurify is positioned to become the market-leading SaaS platform for purchasing and is doing for that industry what Salesforce.com did for customer relationship management (CRM) and Zendesk did for customer service.”
Jishnu Bhattacharjee, managing director at Nexus Venture Partners said, “Procurify is re-imagining enterprise spend management for the mobile era. Their elegantly simple solution is being adopted at a rapid pace by companies across the world. We are thrilled to be partnering with the Procurify team to help build a great company.”
Aman Mann, co-founder and chief executive officer of Procurify said,“We are excited to be working with investors that have such experience backing successful cloud-technology companies. They are providing Procurify with the expertise and knowledge to help grow the company into a world class organization, dedicated to our mission to create solutions that help unlock the potential of every individual. We are just at the beginning stages of scaling SaaS in the business world and Procurify is on track to lead the transformation.”
Procurify is used in more than 58 countries around the world and has quickly become the go-to solution for a variety of industries including schools, hospitality groups, technology companies and more. Its user base includes high profile clients such as GardaWorld, one of the largest privately owned business solutions and security services companies in the world, and AltSchool, a fast-growing chain of schools with locations throughout San Francisco and aggressive plans to expand nationwide.
Procurify is on track to process over half a billion dollars in purchase orders on its platform this year.
To learn more about Procurify, visit www.procurify.com
CEO, Aman Mann is available for interviews and photos. For all press inquiries please contact Brittany Whitmore, Procurify’s director of communications: (Mobile: 778-238-6096, Email: Brittany@Procurify.com)
Procurify is a fully-featured, cloud-based purchasing platform used to manage both direct and indirect company spending. Procurify provides control and visibility of where company money is going in real-time, using simple-to-generate reports and analytics. Procurify is a trusted global technology brand, dedicated to simple, innovative, sustainable and cost-effective enterprise solutions. Learn more: www.procurify.com
About Point Nine Capital
Point Nine Capital (www.pointninecap.com) is a Berlin-based venture capital firm focused exclusively on early-stage Internet investments in areas such as Software as a Service (SaaS), e-commerce, marketplace and mobile technology. The fund and its managers, Pawel Chudzinski and Christoph Janz, have backed a number of highly successful Internet companies such as Delivery Hero, Clio, Shiftplanning, Vend, Westwing and Zendesk at their earliest stages. In early 2015, Point Nine announced the closing of a new $60 million fund, Point Nine Capital Fund III.
About Nexus Venture Partners:
Nexus Venture Partners (www.nexusvp.com) is India’s leading venture capital fund, with offices in India and Silicon Valley. Nexus team has invested in a variety of companies leading to numerous successful public offerings and M&A transactions. The team plays an active role in helping entrepreneurs and management teams build market leading businesses.
It has over $1bn under management with an active portfolio of over 60 companies across Technology, Internet, Media, Consumer, and Business Services sectors.
Contact: Brittany Whitmore
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