Ignite Procurement, an Oslo, Norway-based procurement software company, announced that it raised $7.1 million in Series A funding.

The round was led by led by Norwegian early-stage VC company Arkwright X, existing investors SNÖ Ventures and Investinor also contributed to the round. The company’s spend management solution attracted new investors including Skagerak Maturo and MP Pensjon.

With this new funding, Ignite Procurement continues making day-to-day strategic procurement tasks easier, helping companies get visibility into their spend and propelling them to strive toward procurement excellence and success.

Company: Ignite Procurement

Raised: $7.1M

Round: Series A

Funding Month: June 2022

Lead Investors: Arkwright X

Additional Investors: SNÖ Ventures, Investinor, Skagerak Maturo, and MP Pensjon

Company Website: https://www.igniteprocurement.com/

Software Category: Spend Management Software

About the Company:  Ignite Procurement is a Norwegian SaaS company that develops spend management solutions for strategic procurement helping users unlock their full procurement potential. Ignite Procurement provides a complete set of cloud solutions to streamline your spend across the full range of strategic procurement activities and gives you the visibility and insights you need for smarter, responsible, and efficient procurement decisions. Ignite Procurement has continued to grow and now has 60 employees. Recently, they also opened offices in Poland. Their annual recurring income (ARR) has increased by around 150 percent in the last year. Most of this growth has come from outside Scandinavia through both global companies and partners. Since its launch in 2018, with Obos and the AF group as pilot customers, the platform has been used to analyze purchases worth more than $105 billion.

Source: https://www.igniteprocurement.com/news/ignite-procurement-raises-7.1m-series-a