# Tropic Technologies

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

- Industry: Software
- Headquarters: New York, US
- Website: www.tropicapp.io
- Total disclosed funding: $67M
- Latest round: Series B (Feb 15, 2022)
- Investors on record: 4

## About

Tropic Technologies, Inc. is a provider of an intelligent spend management platform that enhances procurement efficiency and supplier management through innovative AI solutions.Founded in 2019 and headquartered in New York, US, Tropic Technologies offers a platform designed to optimize procurement processes. The company has successfully secured funding through three notable deals, with the latest being a Series B round on February 15, 2022, where it raised USD 40.00 mn led by Insight Partners. The company's founders, David Campbell, Devon Carter, and Justin Etkin, bring diverse backgrounds in technology and entrepreneurship.Tropic offers an intelligent spend management platform designed to streamline procurement processes and enhance supplier management through advanced AI capabilities. The core functionality includes centralizing supplier contracts and documents, automating administrative tasks, and providing insights into overspend and shadow spend. Users benefit from features such as spend forecasting, contract management, and compliance checks, which enable organizations to maintain adherence to spending policies and avoid unnecessary expenditures. The platform serves a diverse client base across various industries, including technology, finance, and procurement, with notable users such as Zapier and J.B. Snodgrass, CPA. Tropic's solutions are available predominantly in North America and Europe, effectively addressing the needs of businesses seeking to optimize their procurement activities and reduce costs.Tropic generates revenue primarily through subscription-based pricing models for its AI spend management platform. Clients engage with the company under flexible agreements that facilitate access to its suite of features, including supplier intelligence, contract management, and negotiation insights. While specific pricing details are not publicly disclosed, these transactions typically involve annual or multi-year contracts, which provide clients with comprehensive support and access to Tropic's robust dataset. The company's flagship offerings, such as the Compliance Copilot and Contract Intelligence Engine, play a critical role in delivering value to clients by automating key procurement functions and improving cost management. The client relationships are structured as B2B engagements, underscoring Tropic's focus on partnering with organizations to drive efficiency and savings in their spend management processes.Following the Series B funding round on February 15, 2022, in which Tropic Technologies, Inc. raised USD 40.00 mn led by Insight Partners, the company plans to accelerate its growth and expand its team. Tropic is set to launch four new software modules within the next two quarters, and it aims to penetrate additional markets to increase its footprint in the procurement technology space.

## Funding rounds

- Series B, Feb 15, 2022, $40M — Insight Partners
- Series A, Aug 16, 2021, $25M — Canaan Partners, Founder Collective, Shine Capital
- Seed, Apr 8, 2020, $2.1M — Founder Collective

## Investors

- Founder Collective (https://capitalatlas.ai/funds/founder-collective) — Seed, Series A
- Canaan Partners (https://capitalatlas.ai/funds/canaan-partners) — Series A
- Shine Capital — Series A
- Insight Partners (https://capitalatlas.ai/funds/insight-partners) — Series B