What is Procurify?
Procurify offers a comprehensive procure-to-pay system designed to streamline financial operations for mid-market businesses. Its platform integrates essential functions including purchase requests, approvals, expense management, purchase orders, contract oversight, vendor management, budgeting, receiving, invoicing, bill payments, and corporate spending cards. By leveraging AI, Procurify aims to enhance efficiency and provide greater visibility into organizational spending, positioning itself as a key player in the evolving landscape of business finance automation.
How much funding has Procurify raised?
Procurify has raised a total of $82.2M across 5 funding rounds:
Angel/Seed
$1.2M
Angel/Seed
$4M
Series A
$7M
Series C
$50M
Private Equity
$20M
Angel/Seed (2014): $1.2M with participation from Nexus Venture Partners
Angel/Seed (2015): $4M led by Business Development Bank of Canada, Nexus Venture Partners, and Point Nine Capital
Series A (2016): $7M supported by Business Development Bank of Canada, Runa Capital, Nexus Venture Partners, and Point Nine Capital
Series C (2023): $50M featuring Ten Coves Capital and Export Development Canada
Private Equity (2024): $20M backed by CIBC Innovation Banking
Key Investors in Procurify
Ten Coves Capital
Ten Coves Capital invests in companies that are innovating and transforming the financial ecosystem, focusing on businesses that are re-imagining, re-inventing, and re-wiring financial services.
Export Development Canada
Export Development Canada provides risk management, secure financing, and working capital services to support Canadian businesses.
CIBC Innovation Banking
CIBC Innovation Banking is a financial institution that provides credit cards, lending, and investments, with a focus on supporting innovative companies.
What's next for Procurify?
With the recent influx of capital, Procurify is poised for accelerated growth and further innovation in its AI-driven procurement solutions. The strategic investment signals confidence from backers in the company's ability to capture a larger share of the mid-market AP automation space. Expect Procurify to focus on expanding its platform capabilities, enhancing its AI functionalities, and broadening its market reach. This capital infusion will likely support strategic hiring, product development, and enhanced customer support to solidify its competitive advantage.
See full Procurify company page
