Richmond, B.C.-based procurement platform developer Procurify has raised $7 million in a Series A funding round, led by Runa Capital, with participation from Point Nine Capital, Nexus Venture Partners and the Business Development Bank of Canada (BDC), with Hedgewood Inc. and Tom Williams also joining as investors.
Procurify’s online and mobile purchasing and accounts payable platform is aimed at small to medium size businesses, as well as not-for-profit organizations and schools, to take some of the pain out of the process of arranging payments and purchasing essential goods and services.
“Investors and executives have begun asking a fundamental question: Do we know what kind of Spend Culture we have?” says Procurify CEO Aman Mann. “It’s the pivotal transformation from Reactive to Proactive Spending that results in a smarter Spend Culture. And with Procurify a company can transform to do just that.”
The company’s platform manages procurement services via a Software as a Service model providing real-time analytics which shows where a company’s money is going.
Procurify plans to use the funding to hire across the board and to fuel its next stage of global growth.
Procurify claims that 125 million companies do not track outbound spend, making it a $16 Billion market growing at a rate of 30%, which Procurify is set to dominate.
Founded by Aman Mann, Kenneth Loi, and Eugene Dong, Procurify graduated from Vancouver’s GrowLab (now Highline) accelerator in 2013, after which the company raised an initial seed round of $1.3 million, led by BDC and Nexus Venture Partner, as well as Mark Cuban.
Procurify CEO Aman Mann secured that initial $400,000 investment from Cuban through a cold-call email. Initially, Cuban insisted he was too busy to invest in Procurify but that he’d check in with the company six months later. Mann waited six months and emailed back, commencing a relationship that secured an investment and a spot for Cuban on Procurify’s board.
In July 2015, Procurify raised a follow-up $4 million seed round, with contributions from Point Nine Capital, Nexus Venture Partners and BDC, as well as personal investments from Hootsuite CEO Ryan Holmes and chief revenue officer Steve Johnson.
Hootsuite was already a Procurify client before investing in the company, and Holmes and Johnson subsequently became advisors to the Procurify team.
Procurify now counts users of its platform in over 100 countries across a wide variety of verticals, including banking, education, and technology.
Hootsuite, Berkshire Hathaway, Airbus, TaskUs, Bangkok Life Assurance, private security firm GardaWorld, and Vision Critical also use the Procurify platform.
In April 2016, Procurify reported a Q1 increase of more than 250% in net new revenue and a 500% increase in new revenue from existing clients through account expansion, and coincided with a new integration with Slack.
Procurify was the first in the spend management space to integrate with Slack, a move that saw real-time Procurify notifications show up immediately in Slack, via the ProcurfyBot.
Procurify has also hired Angela Baldonero as its new Chief Operating Officer, who most recently worked for Return Path Inc.