# Procurify Technologies

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

- Industry: Software
- Headquarters: Vancouver, Canada
- Website: www.procurify.com
- Total disclosed funding: $95M
- Latest round: Series C (Oct 17, 2023)
- Investors on record: 11

## About

Procurify Technologies Inc., based in Canada, provides an AI-powered procure-to-pay platform that enhances procurement and financial processes for mid-market companies across various industries.Procurify Technologies Inc. offers a robust platform for procurement and accounts payable management. Founded in 2013 in Vancouver, Canada, by Kenneth Loi, the company has executed a total of 8 deals. The most recent funding round, which raised USD 20.00 mn on October 30, 2024, was led by CIBC Innovation Banking, bringing the total amount raised to USD 20.00 mn.Procurify offers an AI-powered procure-to-pay (P2P) platform designed to streamline procurement, accounts payable (AP), expense management, and payment processes, primarily targeting mid-market companies across various industries. The platform provides comprehensive tools for automating workflows, from requisition submissions to purchase order management, enabling full visibility and control over organizational spending. Key functionalities include automated invoice processing, budget management, and real-time reporting, which allow users to optimize cash flow and enhance financial discipline. Procurify's client base spans multiple sectors, including technology, healthcare, manufacturing, and nonprofit organizations, enabling them to consolidate purchasing and AP in a single system. Geographically, the company's products are marketed and sold primarily in North America, Europe, and select markets in Asia-Pacific, catering to diverse customer needs while addressing common challenges in procurement and expenditure management.Procurify generates revenue through a subscription-based model, offering its clients tiered pricing plans for access to its P2P platform. Clients typically engage with the company under contractual agreements that outline the specific services and features included in their subscriptions. The transactions between Procurify and its clients revolve around the provision of software solutions that enhance procurement efficiency and financial oversight. Clients utilize the platform to manage their spending through features such as expense requisitions and Spending Cards, which facilitate seamless procurement and expense management. Specific pricing structures are aligned with the extent of services provided, potentially including enterprise solutions aimed at larger organizations seeking advanced procurement capabilities. As companies leverage Procurify’s platform to drive efficiency in their purchasing processes, they experience measurable ROI, further solidifying the value proposition of the company's offerings.In October 2024, Procurify Technologies Inc. raised USD 20.00 mn in growth funding from CIBC Innovation Banking. The company will use these funds to innovate in procurement solutions, focused on improving efficiency and transparency in corporate spending. Plans for future growth include the development of new products designed to further enhance their platform's capabilities and potential expansion into additional markets and geographic regions, including deeper penetration in Europe and strategic areas in Asia-Pacific, by the end of 2025.

## Funding rounds

- Series C, Oct 17, 2023, $68M — HarbourVest Partners, Export Development Canada, Information Venture Partners, Ten Coves Capital
- Series B, Jun 20, 2019, $15M — HarbourVest Partners, Kensington Capital Partners, Runa Capital, Information Venture Partners, Manulife Holdings
- Series A, Nov 15, 2016, $7M — BDC Capital, Nexus Venture Partners, Runa Capital, Point Nine
- Seed, Jul 23, 2015, $4M — Nexus Venture Partners, Point Nine, Business Development Bank of Canada
- Seed, Apr 16, 2014, $1.2M — Nexus Venture Partners, Business Development Bank of Canada
- Seed, Mar 4, 2013, $0.1M — BDC Capital

## Investors

- BDC Capital (https://capitalatlas.ai/funds/bdc-capital) — Seed, Series A
- Nexus Venture Partners (https://capitalatlas.ai/funds/nexus-venture-partners) — Seed, Series A
- Business Development Bank of Canada — Seed
- Point Nine (https://capitalatlas.ai/funds/point-nine) — Seed, Series A
- Runa Capital (https://capitalatlas.ai/funds/runa-capital) — Series A, Series B
- HarbourVest Partners (https://capitalatlas.ai/funds/harbourvest-partners) — Series B, Series C
- Kensington Capital Partners — Series B
- Information Venture Partners (https://capitalatlas.ai/funds/information-venture-partners) — Series B, Series C
- Manulife Holdings — Series B
- Export Development Canada — Series C
- Ten Coves Capital (https://capitalatlas.ai/funds/ten-coves-capital) — Series C