Procurify Raises $50M Series C to Usher in the Next Era of AI-Enhanced Intelligent Spend Management

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.

October 17, 2023 08:00 AM Eastern Daylight Time

TORONTO & VANCOUVER, British Columbia–(BUSINESS WIRE)–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.

“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.Tweet this

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.

“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.

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.

About Procurify

Founded in 2013 in Vancouver, British Columbia, Procurify is the leading all-in-one intelligent spend management platform, uniquely unifying Purchasing, AP Automation and Data Analytics into one user-friendly platform. Trusted by hundreds of customers across dozens of industries, Procurify manages over US$30 billion of global spend. Recognized as a purchasing leader by G2, the platform stands out with its comprehensive mobile app for iOS and Android, rapid onboarding, and world-class support. Guided by a mission to offer unprecedented visibility and control over business expenses, Procurify is set on empowering organizations to harness unified spend data, unlocking millions in time and cost savings. For more information, visit procurify.com.

About Ten Coves Capital

Ten Coves Capital backs high growth B2B software companies across the FinTech ecosystem where its capital, network, and decades of experience can help accelerate growth and value creation. Investing across payments, banking & lending, asset management, capital markets, and insurance & benefits (among other segments), the Ten Coves team has helped scale over 40 companies that are solving industry pain points, enabling workflows, and providing critical infrastructure to the largest financial institutions down to SMBs. For more information, visit tencoves.com.