ORO Labs, a Palo Alto, CA-based SaaS provider known for its smart workflow orchestration platform for procurement, has secured $34 million in Series B funding, bringing its total investment raised to $60 million.
The round was led by Felicis, with participation from existing investors including Norwest Venture Partners, B Capital, and XYZ Venture Capital.
Founded in 2006, Felicis is a venture capital firm investing in companies reinventing core markets, as well as those creating frontier technologies. Felicis focuses on early-stage investments and currently manages over $3B in capital across 9 funds. Based in Menlo Park and San Francisco in California, the firm is an early backer of more than 47 companies valued at $1B+.
ORO Labs Use of Funds
The company will use the funding to further scale the company's international expansion and develop new use cases.
About ORO Labs
ORO Labs is an orchestration platform designed to streamline procurement operations from intake to contract management and supplier relationships, enabling organizations to optimize efficiency. The company’s automation platform tames and orchestrates chaotic and siloed business-critical enterprise spend by making it easy for employees to engage with procurement to start, manage, and build supplier relationships. on a mission to humanize the overall procurement experience, simplifying and guiding end-to-end supplier engagement for efficiency and compliance
Company: Oro Labs, Inc.
Round: Series B
Funding Month: November 2023
Lead Investors: Felicis
Additional Investors: Norwest Venture Partners, B Capital, and XYZ Venture Capital
Company Website: https://www.orolabs.ai/
Software Category: Workflow Orchestration Platform for Procurement