Tropic builds a software procurement platform that brings a click-and-approve approach to buying and managing enterprise software and surfaces cost savings (customers average 23% savings). The product centralizes procurement for companies that can have 100+ software contracts. CEO David Campbell attributes growth to rising awareness of software spend and pandemic-driven demand for better procurement controls. Since its Series A the company reported 100% quarter-over-quarter revenue growth and then more than doubled revenue in the subsequent four months. Tropic now serves 150 customers including Notion, Nextdoor, Faire and Flatiron Health and has grown to 85 full-time employees after starting with 15 in 2021. The company is preparing another product release and plans expansion in North America and internationally over the next two quarters. Tropic offers a SaaS procurement platform that centralizes buying, renewals and contract management, including a one-click purchasing service and outsourced transaction handling. The platform manages technology and financing after contracts are signed and reports average savings of 23% on software purchases. In the last 12 months Tropic added over 60 customers, including Qualtrics, Vimeo, Zapier and Intercom, surpassed $250M in managed spend and processed transactions for more than 1,200 vendors. The company says it is growing rapidly, reporting 100% quarter-over-quarter growth and that it doubled its ARR in the most recent quarter. Since emerging from stealth in 2020, Tropic has raised $27.1M in total funding. Headcount has grown to 50 and the company has aggressive hiring plans focused on engineering and product. Tropic will use the new funding for R&D and to deepen integrations with existing procurement tools in the cloud software ecosystem. Tropic is a New York City–based provider of a buyer enablement platform focused on managing the process of buying software. The platform matches businesses to vendors based on specific needs and enables collaboration across teams and stakeholders in real time within a single environment. Tropic emerged from stealth concurrent with this fundraise and is led by co-founder and CEO David Campbell. The company says it will use the funds to expand its sales and engineering operations. The article does not report operating metrics such as revenue or user counts. No founding year or prior financing details are provided in the article.

Total raised

$67M

Funding rounds

3

Latest round

Series B

Latest activity

Feb 2022