CareCredit - Women's Health April 2024

Procurement Tool Provider Pivot Raises $21.6 Million to Expand in Europe

businesswoman on phone

Procurement tool provider Pivot has secured 20 million euros (about $21.6 million) in Series A funding.

This funding round comes six months after the firm’s creation and two months after its 5 million euro (about $5.4 million) pre-seed round, Pivot said in a Wednesday (Dec. 13) post on LinkedIn.

The company will use the new capital to “redefine the procurement landscape” and fuel its expansion in Europe, according to a video attached to the post.

“Pivot is the ultimate modern procure-to-pay tool that helps you keep your spend under control while enhancing your teams,” the post said. “With our all-in-one solution, natively integrated with your stack of tools, you can get everything you need from your procurement software so all your teams work more efficiently and seamlessly together.”

Pivot’s procurement tool incorporates an intake solution, accounts payable (AP) automation, vendor management, and budgeting and analytics capabilities, according to the company’s website.

The intake solution delivers approval within hours, provides a mobile-friendly experience and includes an artificial intelligence (AI) assistant that helps employees quickly build detailed requests, the website said.

To provide AP automation, Pivot’s tool features optical character recognition (OCR) technology that eliminates the need to fill out invoices manually, purchase order (PO) and invoice matching, and a connection to the user’s enterprise resource planning (ERP) system so there is no need to duplicate work, per the site.

Pivot also includes a vendor portal for filling in business information and uploading compliance documents, and budgeting and analytics capabilities that include real-time visibility into spending and an AI-powered analytics tool, according to the website.

“Our mission is straightforward: simplify procurement, magnify results,” Pivot said on its website.

PYMNTS Intelligence has found that the drive to modernize procurement cuts across industries.

Sixty-six percent of retailers, 59% of manufacturers, 45% of finance and insurance companies and 27% of healthcare companies said they are making digital technology investments in procurement to modernize their business processes, according to “Digital Payments: Modernizing Procurement Processes,” a PYMNTS and Corcentric collaboration.

In another recent development in this space, ORO Labs raised $34 million in Series B funding in November, saying it will use the new capital to meet the demand for solutions for managing procurement and supplier complexity and to expand its smart procurement workflows across the globe.