Procurify, a Toronto and Vancouver, British Columbia-based all-in-one spend management solution for mid-market organizations, secured $50 million in Series C funding.
The round was led by Ten Coves Capital, with participation from Export Development Canada (EDC) and existing investors, including Information Venture Partners and HarbourVest.
Ten Coves Capital is a FinTech-focused growth equity firm, headquartered in Darien, Connecticut, and has a regional office in New York, New York. The firm seeks to invest in growth-stage fintech companies across payments, banking & lending, insurance, asset management & capital markets, and related data & business services sectors.
Procurify Use of Funds
The funding will support Procurify's global expansion, the launch of new payment capabilities, and the enhancement of its procure-to-pay experience using AI. The funding will help the company strengthen its core offering and leverage AI to enable data-driven decision-making for its customers.
Founded in 2013, Procurify is an all-in-one intelligent spend management platform, uniquely unifying purchasing, AP automation, and data analytics into one user-friendly platform. Procurify's platform consolidates workflows and data into a single system of record, providing real-time spend insights to organizations. 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. 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.
Company: Procurify Technologies Inc.
Round: Series C
Funding Month: October 2023
Lead Investors: Ten Coves Capital
Company Website: https://www.procurify.com/
Software Category: Spend Management