Procurify, a Vancouver cloud and mobile procure-to-pay software company, has raised $7 million in a Series A financing. U.S. venture capital firm Runa Capital led the round. It was joined by Point Nine Capital, Nexus Venture Partners and the Business Development Bank of Canada (BDC), which contributed to the company’s seed-stage financing last year. Founded in 2012, Procurify provides spend management software that helps enterprises make more informed decisions about expenditure. It plans to use the funds raised to “scale aggressively”, in part through new hires. With the Series A, Procurify announced its hire of Angela Baldonero as COO.
Procurify Raises $7 Million Series A
November 16, 2016
VANCOUVER: Procurify, a cloud and mobile procure-to-pay software, raised $7 million in a Series A round, led by Runa Capital and also included participating investors Point Nine Capital, Nexus Venture Partners and Business Development Bank of Canada (BDC). The raise comes only weeks after Coupa, another spend management software, became only the second tech company to IPO this year. Hootsuite, Berkshire Hathaway, Airbus, TaskUs and Vision Critical (to name just a few) use Procurify because, unlike other procure-to-pay solutions, it offers something more than spend management — its real promise lies in the transformation of a company’s Spend Culture.
Procurify, besides being one of the few companies in Canada to raise money this year, is also one of only a handful of tech companies this year to raise Series A in Vancouver. Since it was founded in 2012, Procurify has built an innovative, culture-first organization that has become one of the most coveted Canadian startups to work at.
Flush with capital from the Series A round, Procurify is ready to scale aggressively; and it has hired Angela Baldonero as its Chief Operating Officer. Baldonero, with her experience in creating innovative, high-performing organizations with flexible, values-based cultures, has transformed a series of startups, most recently Return Path Inc.
Born and bred in Vancouver, Procurify has a vibrant team of developers, designers, growth hackers and customer success experts; its competitive salaries, great perks and its unique, growth-oriented culture make it a highly desirable place to build a career. Procurify will be hiring across the organization to support the demands of global growth.
If Salesforce provides visibility and analytics on dollars coming into a company, Procurify does the same for dollars going out. Approximately 125 million companies do not track outbound spend, making it a $16 Billion market growing at a rate of 30%. And with its latest raise, the ground is clear for Procurify to dominate this market. “Investors and executives have begun asking a fundamental question: Do we know what kind of Spend Culture we have?,” says CEO Aman Mann.
“It’s the pivotal transformation from Reactive to Proactive Spending that results in a smarter Spend Culture. And with Procurify a company can transform to do just that.”
Procurify is hiring: www.procurify.com/careers
Photo courtesy of Procurify