Procurify, a Vancouver-based spend management platform, has closed its Series B financing, raising about $27 million (US$20 million).
The round was led by Canadian venture capital firm Information Venture Partners. It was joined by Runa Capital, HarbourVest Partners, Manulife and BC Tech Fund, managed by Kensington Capital Partners.
Runa led Procurify’s $7 million Series A round in 2016. The other investors were Point Nine Capital, Nexus Venture Partners and BDC.
Founded in 2012 by CEO Aman Mann, CTO Eugene Dong and CRO Kenneth Loi, Procurify provides software that helps organizations manage their expenditures.
The funds raised will be used for new hires, undertaking sales and marketing initiatives, and expanding Procurify’s offering globally.
Procurify Secures $20 Million Series B To Help Companies Reinvent the Way They Manage their Spend Cultures
VANCOUVER, JUNE 20TH, 2019
Procurify, the leading SaaS-based spend management solution that is being used by fast-growing companies around the globe to help manage their spending, has just announced the closing of its Series B round for $20 million USD. Investors include one of Canada’s largest VC’s – Information Venture Partners, as well as, Runa Capital, HarbourVest Partners, Manulife, and BC Tech Fund managed by Kensington Capital.
Procurify already has over $7bn [USD] of its clients’ spend management passing through its platform annually and will use the funds to continue to grow a customer-centric team that builds impactful solutions, and to continue to scale the company through a number of sales and marketing initiatives. Procurify also has plans to further expand the company’s offering into international markets.
Aman Mann, Co-founder and CEO of Procurify commented “The way organizations are managing their spend has evolved and changed throughout the years, and the landscape of business tools need to keep up with that evolution. We are so grateful to embrace the next stage of Procurify, and to have some of the top investors and leaders in U.S & Canada believe and support our mission of reinventing the way organizations spend, to transform the Spend Cultures of businesses around the world for the better.”
Robert Antoniades, General Partner and Co-founder of Information Venture Partners commented, “There is this massive void within the mid-market for easy-to-use solutions that serve growing organizations when it comes to tracking company spending and purchasing. Procurify has an immense market opportunity to create a new category around Spend Culture for small to mid-size companies.”
Antoniades previously invested in successful companies such as Adaptive Insights, Verafin, and Varicent. Antoniades added “Procurify is really one-of-a-kind, with a unique team and culture that epitomizes a people-first mindset, which can be seen from the way they take care of their team members to their customer-centric values.”
Eric Bin, former Director of Product at legal practice management software company, Clio and Simon Stanlake former CTO of Hootsuite recently joined the company as VP of Product and SVP of Engineering respectively to double down on Procurify’s development and engineering. Alongside their Series B investment, Procurify teases a few more developments underway, which includes a prepaid card program and a series of educational roundtables and events for the CFO.
To find out more about Procurify please visit www.procurify.com
Procurify’s mission is to reinvent the way organizations spend. Procurify enables maturing companies to be proactive about managing their Spend Culture by providing a combination of accessible data, convenient process and manageable controls to streamline the request to approve process.
About Information Venture Partners:
Information Venture Partners is a Toronto and New York-based team of experienced venture capital investors focused on backing the next generation of leaders in B2B FinTech and Enterprise SaaS. Current investments include BigID, Coconut Software, Flybits, Knowtions, LendingFront, PostBeyond, Procurify, Q4, Sensibill, Verafin and YayPay. For more information, visit http://www.informationvp.com or on Twitter or on LinkedIn.
Head of Communications