While large enterprises rely on market heavyweights such as Germany’s SAP or California-based Coupa Software to organize their payments and analyze their financial data, there was a need to help smaller companies streamline their payments with a simple-to-use platform. They saw a gap in the procurement market. In 2011, Mann and Eugene Dong, the chief technology officer, and Kenneth Loi, chief operating officer, began working on an idea Opens a new window in the basement of Dong’s parents. The $20 million funding drive was led by Information Venture Partners, and several venture capital funds participated including Runa Capital, HarbourVest Partners, Manulife and Kensington Capital’s BC Tech Fund.Įntrepreneur Mark Cuban and Ryan Holmes, creator of Hootsuite, a social media management tool for businesses, are initial investors, and both sit on the company’s board. and Canada believe and support our mission of reinventing the way organizations spend.” “We are so grateful to embrace the next stage of Procurify,” Mann says Opens a new window, “and to have some of the top investors and leaders in U.S. Keeping Up with the EvolutionĪman Mann the company’s chief executive, says there has been an evolution in the way organizations manage their business spending and business tools need to keep up. It offers tracking and reporting tools that show purchase history by linking with other accounting tools Opens a new window such as QuickBooks, NetSuite by Oracle and Amazon Business PunchOut. The company’s platform is built on the Python-based, free-and-open source web framework Django. Procurify’s software-as-a-service product offerings, hosted on Amazon Web Services Opens a new window, include purchase workflows, budget tracking in real time and spending analytics. It has raised Opens a new window a total of $31.8 million since setting up in 2012. The Vancouver, Canada-based company plans to use the funds to expand into international markets and build its team. Procurify, a start-up that designed a cloud-based platform to help small businesses manage their spending, has secured $20 million in series B funding.
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