Procurify, the Vancouver B2B company that provides a procurement and spending platform to mid-sized businesses, has secured US$50 million ($68 million Canadian) in Series C funding.
The raise comes amid a venture capital drought for high-tech companies. It brings the company’s total equity funding to date to US$70 million.
The latest raise was led by Ten Coves Capital. Other investors in the Series C round include Export Development Canada (EDC) and previous investors, including Information Venture Partners and HarbourVest.
In a news release, Procurify said it will use the money to “expand globally, launch new payment capabilities, and provide customers with an AI-enhanced procure-to-pay experience.”
“By thriving in these challenging market conditions, Procurify has proven that there is a real need for intelligent spend management,” said Steve Lula, partner at Ten Coves Capital, who will join Procurify’s board of directors.
“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.”
“This funding round will support our mission to give organizations real-time visibility and control over all business spend,” Aman Mann, Procurify co-founder and CEO, said in a news release.
“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.”
Procurify is now 10 years old. Founded in 2013, the company manages more than US$30 billion in spending by companies globally.