Procurify, a Vancouver, B.C. startup that makes cloud-based software to help companies manage their spending, raised $20 million to expand internationally and beef up sales and marketing.
The Series B round brings Procurify to $30 million in lifetime funding, per VentureBeat. Information Venture Partners, one of Canada’s largest venture capital firms, led the round, with participation from Runa Capital, HarbourVest Partners, Manulife, and BC Tech Fund managed by Kensington Capital.
Procurify customers use the platform to manage a combined $7 billion in annual spending, the company said in a press release. Features like digital order submission and the ability to automate accounts payable processes are meant to make it easier for companies to manage their spending.
“The way organizations are managing their spend has evolved and changed throughout the years, and the landscape of business tools need to keep up with that evolution,” Aman Mann, co-founder and CEO of Procurify, said in a statement. “We are so grateful to embrace the next stage of Procurify, and to have some of the top investors and leaders in U.S and Canada believe and support our mission of reinventing the way organizations spend, to transform the Spend Cultures of businesses around the world for the better.”
In addition to the cash infusion, Procurify recently made some important hires to shore up engineering. The company brought in former Hootsuite CTO Simon Stanlake to be senior vice president of engineering and Eric Bin, former director of product at legal practice management software company Clio, joined as vice president of product.
Source: Geek Wire