What is Procurify?
Procurify offers a comprehensive procure-to-pay system designed to streamline financial operations for mid-market businesses. The platform seamlessly integrates essential functions including purchase requests, approvals, expense management, purchase orders, contract oversight, vendor management, budgeting, receiving, invoicing, bill payments, and spending card functionalities. 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
Series A (2016): $7M supported by Point Nine, Nexus Venture Partners, Runa Capital, and Business Development Bank of Canada
Series C (2023): $50M featuring Export Development Canada and Ten Coves Capital
Private Equity (2024): $20M backed by CIBC INNOVATION BANKING
Key Investors in Procurify
CIBC INNOVATION BANKING
CIBC Innovation Banking is a financial institution that provides credit cards, lending, and investments, focusing on supporting innovative companies.
Export Development Canada
Export Development Canada provides risk management, secure financing, and working capital services, supporting businesses in their international trade endeavors.
Ten Coves Capital
Ten Coves Capital invests in companies transforming the financial ecosystem, focusing on businesses re-imagining and re-wiring financial services.
What's next for Procurify?
With the recent major strategic investment, Procurify is poised for accelerated growth and further innovation. The company's focus on AI-driven procurement and AP automation addresses a critical need for mid-market businesses seeking to optimize their financial processes. This latest round of financing will likely fuel product enhancements, expand market reach, and strengthen its competitive position. Procurify's trajectory suggests a continued emphasis on delivering robust, integrated solutions that empower businesses to manage their spending more effectively and strategically.
See full Procurify company page
