Pivot Secures $40 Million to Challenge Legacy Procurement Software

Pivot, a software startup developing artificial intelligence for corporate procurement, has raised $40 million in a Series B funding round, the company announced Thursday (May 21). The capital injection brings the New York-based firm’s total funding to $70 million since its inception in 2023.

The oversubscribed round was led by Forestay Capital and Notion Capital, with participation from Greyhound and existing investors including Hedosophia, Visionaries Club, and Emblem. The funding also drew support from industry veterans, including the founder of EcoVadis and a former global vice president at Ariba, a legacy incumbent in the procurement space.

Pivot aims to modernize a back-office function that has historically relied on fragmented manual processes, such as spreadsheets and email threads. According to the company, these outdated methods often leave finance teams with limited visibility into spending commitments until after they have occurred. Pivot’s platform, described as an “AI operating system,” manages the full procurement life cycle — including sourcing, approvals, invoicing and payments — by integrating directly with existing enterprise resource planning systems.

The company operates in more than 25 countries and processes $3 billion in invoices annually. Its client roster includes DoorDash, Lemonade and Flix. Gordon Lee, chief accounting officer at DoorDash, stated that the platform was selected to support complex operational needs for its European entity, citing its ability to improve speed and user experience.

Company Co-Founder Marc-Antoine Lacroix said the new capital will be used to expand into new markets and accelerate the development of agentic AI capabilities, which aim to shift manual procurement tasks from humans to automated systems.

“Finance and procurement leaders tell us the same thing: They don’t need another workflow layer,” Lacroix said. “Pivot gives enterprises that visibility, reinforced by agentic AI that shifts the manual grind from a human burden to a machine burden.”

Investors are betting that Pivot can displace established players by building a platform from the “system of record up.” Deborah Pittet, a partner at Forestay Capital, noted that enterprise procurement is “overdue for a generational shift” toward AI-first architectures.