Vancouver startup Procurify raises $26.4 million in funding

Jun 20 2019, 5:31 pm

Procurify, a Vancouver-based startup, has just secured $26.4 million in Series B funding.

The company’s claim to fame is a spend management software that helps businesses make better, more informed decisions when it comes to company spending.

According to the company, Procurify currently manages more than $9.2 billion of its clients’ spending through its platform.

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“Procurify’s mission is to reinvent the way organizations spend,” says a press statement. “Procurify enables maturing companies to be proactive about managing their spend culture by providing a combination of accessible data, convenient process, and manageable controls.”

Investors in this round of funding include some of Canada’s largest venture capitalists — Information Venture Partners, Runa Capital, HarbourVest Partners, Manulife, and BC Tech Fund.

Funds will be used to continue growing the team, as well as to scale the company through several sales and marketing initiatives.

Procurify also has plans to expand its offerings into international markets.

“The way organizations are managing their spend has evolved and changed throughout the years,” says Aman Mann, Co-founder and CEO of Procurify. “The landscape of business tools need to keep up with that evolution.”

The Procurify team also includes two well-known names in the business world: Eric Bin, a former Director of Product at Clio and Simon Stanlake, former CTO of Hootsuite.