Procurify, a Vancouver, Canada-based startup that aims to make purchasing — and the expense reports that go with it — easier for small- and medium-sized businesses, today announced that it has raised a $4 million seed round.
Investors in this round include Point Nine Capital, Nexus Venture Partners and the Business Development Bank of Canada (BDC). Hootsuite’s CEO Ryan Holmes and its chief revenue officer Steve Johnson also participated in this round.
The company, which graduated from Vancouver’s GrowLab accelerator program in 2013, had previously raised $1.2 million in another seed round that also included the BDC and Nexus Venture Partners, as well as Mark Cuban.
The Procurify team says that it will use this funding round to invest in its sales, marketing and product development teams for its cloud-based platform.
Procurify promises to help businesses streamline their purchasing and expense workflow. This includes requisition orders, manager approval and creating the purchase orders. But in addition, the platform can also handle receiving (you just use a photo to create a copy of the packaging slip, for example), budgets, and other steps in the procurement process.
Currently, Procurify’s service is used in more than 58 countries. It’s customers span a wide range of industries, but the company seems to be doing especially well with schools, hospitality groups and tech companies. Some of its larger users include AltSchool, the well-funded personalized education startup, and GardaWorld, a Canadian private security and risk management firm.
Procurify says that it expects to process more than half a billion dollars of purchase orders on its platform this year.
Pricing for the service — which can be billed monthly or annually — starts at $5/month per regular requester and $45/month for so-called “Power Users” for monthly contracts, with a 20 percent discount for those who opt for the annual subscription. The company also offers a free tier.