Canada’s Procurify lands $50m in Series C funding round
Vancouver-based fintech Procurify, which offers a spend management solution for mid-market firms, has secured $50 million in a Series C funding round.
Procurify lands $50m in Series C funding round
The round was led by Ten Coves Capital, with co-investment coming from Export Development Canada and additional participation from existing investors including Information Venture Partners and HarbourVest, among others.
Founded in 2013, Procurify says it offers an “all-in-one” solution for businesses, with its platform bringing together purchasing, AP automation and data analytics all under one roof. By consolidating workflows and data “into a single system of record”, the company claims it can offer “real-time” spending insights to its customers.
With the new funding, which brings Procurify’s total equity funding to more than $70 million to date, the company plans to fuel its global expansion plans, launch new payment capabilities and further develop its AI-powered procure-to-pay platform.
“This funding round will support our mission to give organisations real-time visibility and control over all business spend,” says 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.”
Procurify claims to work with “hundreds” of customers across a number of industries, managing over $30 billion in global spend.
