# Olive Technologies

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/olive-technologies

- Industry: Software
- Headquarters: Vancouver, Canada
- Website: www.olive.app
- Total disclosed funding: $4M
- Latest round: Seed (Apr 18, 2022)
- Investors on record: 5

## About

Olive Technologies Inc. is a Vancouver-based company specializing in AI-driven IT vendor management solutions, focusing on enhancing procurement efficiency for organizations across multiple sectors.Founded in 2018 in Vancouver, Canada, Olive Technologies Inc. provides an AI-powered platform that streamlines IT vendor management and procurement. The company has successfully executed 2 deals, with its most recent funding round occurring on April 18, 2022. Olive raised USD 3.000 mn in a Seed round led by Chicago Ventures, with participation from Active Capital, C2 Ventures, and Novator. Chris Heard serves as the CEO of the company.Olive Technologies primarily offers an AI-powered platform designed to streamline IT vendor management, research, and procurement. Their core product facilitates the creation and issuance of Requests for Proposals (RFPs), enabling businesses to efficiently manage requirements and evaluate technology solutions without the traditional biases associated with vendor-led processes. The platform addresses inefficiencies caused by outdated procurement methods, providing a swift, unbiased approach to sourcing IT solutions. Olive's offerings cater to various industries, including healthcare, finance, retail, and consulting, serving clients looking to consolidate their technology stack or source new vendors, with a presence in North America, Europe, and parts of Asia.Olive Technologies generates revenue through a subscription-based model that allows clients to access its suite of IT management tools. Clients engage in transactions by subscribing to the platform, which provides personalized services, including AI-driven research and analysis. While specific pricing for individual services is not disclosed, the structure typically involves tiered subscription plans based on usage scale and features required. This B2B model supports partnerships with organizations that require streamlined vendor management and decision-making processes. Olive's primary revenue-generating service is its AI-native analyst capabilities, enabling businesses to accelerate sourcing processes and make informed decisions without external pressures from sales representatives.In July 2022, Olive Technologies Inc. raised USD 3.000 mn in Seed funding to accelerate growth and support its planned expansion into the Chicago market. The funding will help the company enhance its platform capabilities and potentially introduce new products to address evolving client needs. Olive aims to strengthen its market presence in Chicago while exploring additional opportunities in North America.

## Funding rounds

- Seed, Apr 18, 2022, $3M — Novator, Chicago Ventures, C2 Ventures, Active Capital
- Seed, Sep 28, 2020, $1M — Novator, Techstars, Active Capital

## Investors

- Novator (https://capitalatlas.ai/funds/novator) — Seed
- Techstars (https://capitalatlas.ai/funds/techstars) — Seed
- Active Capital (https://capitalatlas.ai/funds/active-capital) — Seed
- Chicago Ventures (https://capitalatlas.ai/funds/chicago-ventures) — Seed
- C2 Ventures (https://capitalatlas.ai/funds/c2-ventures) — Seed