Procurify — a procurement startup which aims to make purchasing more effective and efficient for small- to medium-sized businesses through its purchasing management solution — announced the closing of $4 million in seed funding Wednesday (July 22).
The new capital will be used to expand Procurify’s cloud-based software as a service (SaaS) purchasing platform as well as accelerate sales, marketing and product development.
The investors who participated in the funding round included Point Nine Capital, Nexus Venture Partners and the Business Development Bank of Canada. The company also noted that Hootsuite CEO Ryan Holmes and Hootsuite CRO Steve Johnson joined the investment round and will act as advisors to the Procurify team.
“We are excited to be working with investors that have such experience backing successful cloud-technology companies. They are providing Procurify with the expertise and knowledge to help grow the company into a world class organization, dedicated to our mission to create solutions that help unlock the potential of every individual. We are just at the beginning stages of scaling SaaS in the business world and Procurify is on track to lead the transformation,” Procurify co-founder and CEO Aman Mann said in a company statement.
The Procurify solution can be used to directly and indirectly manage company spending, while enabling real-time control and visibility through reports and analytics.
According to Procurify, its solutions are used in more than 58 countries around the world, servicing a wide range of industries, including hospitality groups, technology and schools. The company said it is on track to process over half a billion dollars through its platform in 2015.
“Procurify is re-imagining enterprise spend management for the mobile era. Their elegantly simple solution is being adopted at a rapid pace by companies across the world. We are thrilled to be partnering with the Procurify team to help build a great company,” said Jishnu Bhattacharjee, managing director at Nexus Venture Partners.