Tropic, a New York-based cutting-edge SaaS software procurement platform, announced that it raised $40 million in a Series B funding.
The round was led by New York-based global private equity and venture capital firm Insight Partners. The company has now raised a total of $65 million since August 2021.
Tropic will use the proceeds to further fuel its exponential growth, [expand its global footprint], build its team and launch four new software modules in the next two quarters.
Company: Tropic Technologies, Inc.
Round: Series B
Funding Month: February 2022
Lead Investors: Insight Partners
Company Website: https://tropicapp.io/
Software Category: SaaS software procurement platform
About the Company: Tropic is the Procurement System of Record, which provides data, tools, and services to automate SaaS procurement for tech-forward companies, saving them money and time. Tropic levels the playing field with data, tools, and services, enabling customers to execute complex sourcing events with the click of a button. Tropic had more than doubled its revenue and added customers like Notion, Nextdoor, Faire, and Flatiron Health to its roster of leading brands. Tropic has processed transactions for over 1,300 vendors, and it is using the insights to create ongoing differentiated value for its customers.
Source: https://www.prnewswire.com/news-releases/tropic-raises-40m-series-b-with-insight-partners-to-replace-legacy-software-procurement-platforms-301480593.html https://tropicapp.io/blog/tropic-raises-a-40m-series-b-led-by-insight-partners/