Led by Ten Coves Capital, the investment will fuel the development of Procurify’s AI-enhanced procure-to-pay platform, empowering customers to maximize their return on spend.
Procurify, the leading all-in-one spend management solution for mid-market organizations, has raised $50 million USD in a Series C funding round led by Ten Coves Capital, with co-investment from Export Development Canada (EDC) and participation from existing investors including Information Venture Partners and HarbourVest, et al. The latest investment, which more than doubles the company’s total equity funding to over $70 million, will enable Procurify to expand globally, launch new payment capabilities, and provide customers with an AI-enhanced procure-to-pay experience.
Spend management is one of the most significant challenges faced by organizations. As companies grow, it becomes increasingly complex to oversee millions of dollars in purchasing, approvals, invoice processing, and payments. Mid-market organizations currently have to choose between expensive legacy software or multiple point solutions that lead to fragmented data and a poor user experience. Procurify’s end-to-end platform enables organizations to consolidate workflows and data into a single system of record, unlocking real-time spend insights.
“Understanding how money exits the company is just as crucial as tracking the money flowing in.” said Aman Mann, Co-Founder and CEO of Procurify.
“This funding round will support our mission to give organizations real-time visibility and control over all business spend,” said Aman Mann, Co-Founder and CEO of Procurify. “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.”
From tech sector layoffs to global supply chain disruptions, inflation, and rising operational costs, the post-pandemic economy continues to present unpredictable challenges in virtually every industry. The demand for responsible spend controls, risk mitigation, and transparent financial oversight that promotes resilience and reduces operating costs has never been greater – as evidenced by Procurify’s 100% year-over-year increase in new sales.
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Responsible spending and governance is a core philosophy for the company and one that has guided them through recent years in a tumultuous economy with zero layoffs. Mann attributes Procurify’s continued success to a talented team that is continuously empowered by a people-first culture. Procurify notably has a 100% remote workforce that successfully competes with the best technology companies in the world and does so with a modern four-day workweek philosophy. This stands in stark contrast to technology companies imposing legacy pre-pandemic return-to-office mandates and a traditional five-day workweek.
“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 in connection with the investment. “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.”
Procurify is entering a new chapter with capital to strengthen its core offering and leverage AI to democratize data-driven decision-making, helping more customers maximize their return on spend and ensure every dollar works as hard as possible for their business. Organizational resiliency is in Procurify’s DNA, and the company will continue to empower customers to manage costs, discover growth opportunities, and future-proof their businesses in an ever-changing world.