Why we led the Procurify Series A
Procurement software is not the sexiest industry, but sexiness is not usually the best indicator of long-term value. We believe that the Procurify team is creating a hugely valuable company in a massive market.
Here’s why we’re excited to work with the Procurify team:
Expanding an already massive market
Look no further than the Coupa S1 to see that the spend management (aka “procurement”) software market is huge (over $16B today, growing 30% annually). While already a massive market, the vast majority of companies worldwide are not using spend management software. Coupa, which sells to large enterprises, is currently doing over $170M in annual recurring revenue with just 460 enterprise customers.
We think business leaders across all sectors that want to be disciplined about company spending will continue to gravitate towards spend management software. And as they do that, Procurify will be the go-to solution for medium and small businesses because of its ease of implementation and use, reliability, functionality and intense customer focus. The finance team loves the product because it increases oversight and control of spending and the rest of the org loves it because it saves time and energy. We believe Procurify is ripe to continue to democratize spend-management and bring the tools to thousands of new businesses across the world.
World-class team building a strong culture in Vancouver
We are equally excited to work with the Procurify team, who is building a great company in Vancouver. It’s a good sign when entrepreneurs are able to gain strong customer traction with scarce resources, and we especially love it when they’re able to do so in places outside of Silicon Valley.
Co-founder/CEO Aman Mann and the team’s ability to achieve the traction that they have authentically, without a blueprint and without people on the team who have done it before, is a sign of great things to come. We think they are one of a number of companies in Vancouver that are invigorating the tech scene in the city. When they were raising the round, many investors were eager for them to move HQ to Silicon Valley But having helped build companies outside of the Valley before, we love the opportunity ahead of them in Vancouver.