There is nothing sexy about procurement but it’s an essential task in the day-to-day life of virtually any business, not-for-profit and school. Vancouver, Canada-based Procurify wants to take some of the pain out of this process with the help of its online and mobile purchasing and accounts payable platform. As the company announced today, it has raised a $7 million Series A round led by Runa Capital, with participation from Point Nine Capital, Nexus Venture Partners and the Business Development Bank of Canada, to help it push its vision forward and scale its service up.
Procurify wants to make the purchasing process inside of organizations more efficient and transform the culture around how employees in these organizations thing about how they spend their company’s’ money. In many businesses, after all, the purchasing process is still a manual task. Procurify, similar to tools like Coupa which IPOed last month, promises that its tools will results in significant saving for the organizations that adopt it.
“Investors and executives have begun asking a fundamental question: Do we know what kind of Spend Culture we have?,” says Procurify CEO Aman Mann. “It’s the pivotal transformation from Reactive to Proactive Spending that results in a smarter Spend Culture. And it is Procurify’s responsibility to steer that transformation.”
The service, which was founded in 2012, offers all the usual features one would expect from a procurement platform. These range from basic budget management to fraud detection and real-time spend tracking. The service integrates with QuickBooks, Netsuite and other account systems that businesses are already using today.
The company now plans to use the new funding to scale its service. With Angela Baldonero, it has already hired an experienced new COO to help guide the company.