Procurify, a leading all-in-one spend management solution for mid-market organizations, has secured $50 million USD in a Series C funding round. Led by Ten Coves Capital, the round also included co-investment from Export Development Canada (EDC) and participation from existing investors such as Information Venture Partners and HarbourVest.
With this investment, Procurify’s total equity funding now exceeds $70 million.
The funding will enable Procurify to expand globally, introduce new payment capabilities, and enhance its procure-to-pay experience through artificial intelligence (AI).
Challenges in Spend Management
Managing spend is a significant challenge for growing organizations, particularly as complexity increases with business growth. Procurify addresses this issue by providing an end-to-end platform that consolidates workflows and data into a single system of record, offering real-time insights into spend activities. This approach aims to streamline purchasing, approvals, invoice processing, and payments, enabling organizations to make informed financial decisions.
Procurify’s Vision and Growth
Procurify’s mission is to empower organizations with real-time visibility and control over all business spend. The company focuses on responsible spending practices, transparent financial oversight, and risk mitigation to promote resilience and reduce operating costs. Procurify experienced a 100% year-over-year increase in new sales, highlighting the growing demand for intelligent spend management solutions.
People-First Culture and Remote Workforce
Procurify attributes its success to its people-first culture, which includes a 100% remote workforce. The company operates on a modern four-day workweek philosophy, allowing employees to maintain a healthy work-life balance. This approach has contributed to Procurify’s ability to thrive in challenging market conditions and deliver value to its customers.
Future Developments and AI Integration
With the funding, Procurify aims to enhance its core offering and leverage AI to democratize data-driven decision-making. By integrating AI capabilities, Procurify plans to provide customers with predictive insights, enabling them to optimize their spend and maximize their return on investment. The company’s focus remains on empowering organizations to manage costs, identify growth opportunities, and future-proof their businesses in an ever-changing world.