Fintech Procurify Secures $50M via Series C to Support AI-Enhanced Spend Management

Procurify, the all-in-one spend management solution for mid-market organizations, has raised $50 million USD in a Series C funding round led by Ten Coves Capital, with co-investment “from Export Development Canada (EDC) and participation from existing investors including Information Venture Partners and HarbourVest, et al.”

The latest capital injection from the investment round, which more than doubles the company’s total equity funding “to over $70 million, will enable Procurify to expand globally, launch new payment capabilities, and provide customers with an AI-enhanced procure-to-pay experience.”

Spend management is one of “the most significant challenges faced by organizations. As companies grow, it becomes increasingly complex to oversee millions of dollars in purchasing, approvals, invoice processing, and payments.”

Mid-market organizations currently “have to choose between expensive legacy software or multiple point solutions that lead to fragmented data and a poor user experience.” Procurify’s end-to-end platform “enables organizations to consolidate workflows and data into a single system of record, unlocking real-time spend insights.”

Aman Mann, Co-Founder and CEO of Procurify, said:

“This funding round will support our mission to give organizations real-time visibility and control over all business spend. Understanding how money exits the company is just as crucial as tracking the money flowing in. Not only do we want our customers around the globe to spend wisely and grow during the best of times, we also want them to leverage responsible spend practices to thrive during the worst of times.”

From tech sector layoffs to global supply chain disruptions, inflation, and rising operational costs, the post-pandemic economy continues “to present unpredictable challenges in virtually every industry.”

The demand for responsible spend controls, risk mitigation, and transparent financial oversight “that promotes resilience and reduces operating costs has never been greater – as evidenced by Procurify’s 100% year-over-year increase in new sales.”

Responsible spending and governance is a core philosophy for the company and one that has guided them “through recent years in a tumultuous economy with zero layoffs.” Mann attributes Procurify’s continued success “to a talented team that is continuously empowered by a people-first culture.”

Procurify reportedly has “a 100% remote workforce that successfully competes with the best technology companies in the world and does so with a modern four-day workweek philosophy.”

This stands in stark contrast to technology companies “imposing legacy pre-pandemic return-to-office mandates and a traditional five-day workweek.”

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