Procurify offers an AI-enhanced procure-to-pay platform that integrates purchase requests, approvals, expenses, purchase orders, contracts, vendors, budgets, receiving, invoicing, bill payments, and spending cards. The company focuses on proactive spend management and AP automation for mid-market customers. Led by CEO Aman Mann, Procurify's platform is used by hundreds of customers worldwide to manage over $30 billion USD of organizational spend. The company intends to use the funds to support continued development of innovative procurement technologies. The article reports a USD20M financing from CIBC Innovation Banking and provides no further financial detail. Procurify provides a cloud platform that consolidates procurement steps—purchasing, accounts payable and data analytics—so customers can reallocate spend, identify procure-to-pay bottlenecks, and perform supplier analyses. The platform leverages AI to detect anomalies in purchase orders and invoices and plans to invest heavily in additional AI capabilities. Management says proceeds from the latest round will fund AI R&D, general expansion, and new payment features. The company serves more than 700 customers, reported a 100% year-over-year increase in sales, and employs just over 170 people. Procurify competes with incumbents like Coupa and SAP Ariba as well as ERP and newer procurement vendors in a market the article values at over $6.1 billion. Procurify is a SaaS spend-management platform that provides accessible data, process and manageable controls to streamline organizations' request-to-approve expenditure workflows. The company helps customers manage and control spending through its software tools. Founded in 2012 by CEO Aman Mann, CTO Eugene Dong and CRO Kenneth Loi, Procurify is based in Vancouver, Canada. The platform reports that over $7 billion of its clients' spend has passed through the system. Following its latest financing, Procurify plans to use proceeds to expand operations and scale sales and marketing efforts globally. The company positions itself to grow market reach and adoption of its spend-control product. Procurify offers an online and mobile purchasing and accounts payable platform that aims to streamline procurement and transform organizational spend culture. Its features include budget management, fraud detection and real-time spend tracking, and the service integrates with accounting systems such as QuickBooks and Netsuite. Founded in 2012 and based in Vancouver, the company positions itself alongside established procurement tools like Coupa. Procurify plans to use new funding to scale its service and expand its team; it has hired Angela Baldonero as COO to help guide the company. The company raised a $7 million Series A to advance that scaling. CEO Aman Mann emphasizes moving organizations from reactive to proactive spending to create a smarter spend culture. Procurify is a Vancouver-based cloud platform that simplifies purchasing and expense workflows for small- and medium-sized businesses. Its product handles requisition orders, manager approvals, purchase orders, receiving (including creating receiving records from photos of packing slips), budgets and other procurement steps. The company offers tiered pricing starting at $5/month per regular requester and $45/month for "Power Users," with a 20% discount for annual contracts and a free tier. Procurify is used in more than 58 countries and serves schools, hospitality groups and tech companies; notable customers include AltSchool and GardaWorld. The company expects to process more than half a billion dollars of purchase orders on its platform this year. It says it will use the new funding to invest in its sales, marketing and product development teams.

Total raised

$102M

Funding rounds

6

Latest round

Equity

Latest activity

Oct 2024