Procurify Secures $20 Million in Funding for Spend Management Solution

Procurify, a maker of SaaS-based spend management solution that is being used by fast-growing companies around the globe to help manage their spending, has just announced the closing of its Series B round for $20 million USD.

Investors include one of Canada’s largest VC’s – Information Venture Partners, as well as, Runa Capital, HarbourVest Partners, Manulife, and BC Tech Fund managed by Kensington Capital.

Procurify already has over $7bn [USD] of its clients’ spend management passing through its platform annually and will use the funds to continue to grow a customer-centric team that builds impactful solutions, and to continue to scale the company through a number of sales and marketing initiatives. Procurify also has plans to further expand the company’s offering into international markets.

Aman Mann, Co-founder and CEO of Procurify commented “The way organizations are managing their spend has evolved and changed throughout the years, and the landscape of business tools need to keep up with that evolution. We are so grateful to embrace the next stage of Procurify, and to have some of the top investors and leaders in U.S & Canada believe and support our mission of reinventing the way organizations spend, to transform the Spend Cultures of businesses around the world for the better.”

Robert Antoniades, General Partner and Co-founder of Information Venture Partners commented, “There is this massive void within the mid-market for easy-to-use solutions that serve growing organizations when it comes to tracking company spending and purchasing. Procurify has an immense market opportunity to create a new category around Spend Culture for small to mid-size companies.”

Antoniades previously invested in successful companies such as Adaptive Insights, Verafin, and Varicent. Antoniades added “Procurify is really one-of-a-kind, with a unique team and culture that epitomizes a people-first mindset, which can be seen from the way they take care of their team members to their customer-centric values.”

Eric Bin, former Director of Product at legal practice management software company, Clio and Simon Stanlake former CTO of Hootsuite recently joined the company as VP of Product and SVP of Engineering respectively to double down on Procurify’s development and engineering.

Alongside their Series B investment, Procurify teases a few more developments underway, which includes a prepaid card program and a series of educational roundtables and events for the CFO.

Accounting