Procurify Funding, Investors & Competitors

Procurify has raised $102M across 6 funding rounds, most recently a $20M undisclosed-stage round in October 2024.

Last Procurify funding round

$20M

Undisclosed stage · Oct 2024

Cumulative funding Procurify raised

$102M

across 6 funding rounds

Key investors in Procurify

  • Nexus Venture Partners
  • Point Nine
  • Business Development Bank of Canada
  • Runa Capital
  • HarbourVest Partners
  • Information Venture Partners
  • BDC Capital
  • Mark Cuban

Procurify Overview

About Procurify

Procurify is a Vancouver-headquartered cloud procurement platform enabling businesses to control spending through centralized requisitioning, multi-level approvals, virtual cards, and budget enforcement. Serving over 1,000 mid-market companies globally, it integrates with NetSuite, QuickBooks, and Xero for real-time analytics on purchase orders, invoices, and supplier performance. Established in 2011, Procurify emphasizes user-friendly interfaces and mobile access for finance teams.


Founded

2012

HQ

CanadaVancouver

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Procurify Funding History

Procurify has raised a total of $102M across 6 funding rounds.

Procurify's first fundraising round was a $1M seed round in April 2014. The most recent completed round was a $20M undisclosed-stage round in October 2024.

Procurify funding rounds

Procurify funding rounds
DateStageInvestorsRaisedDeal Summary
Oct 2024Undisclosed stageCIBC Innovation Banking (lead)$20MProcurify is an AI-enhanced procurement and accounts payable (AP) automation platform designed for mid-market companies. The platform provides a comprehensive procure-to-pay system that integrates purchase requests, approvals, expenses, purchase orders, contracts, vendors, budgets, receiving, invoicing, bill payments, and spending cards. In October 2024, the company secured US$20 million in growth capital from CIBC Innovation Banking to support continued development of its AI-powered technologies and expansion into new markets. The funding was announced on October 30, 2024, and took the form of venture debt according to Private Capital Journal. The capital supported the launch of Procurify's new AI-driven accounts payable automation solution, which uses optical character recognition (OCR) to extract data from invoices and employs automated matching to ensure payment accuracy. The platform supports flexible payment options including ACH, wire, and check payments in the U.S., and electronic funds transfers in Canada. CEO Aman Mann stated that the funding follows a prior Series C round focused on injecting AI capabilities into the platform to serve revenue-driven organizations in the upper SMB and mid-market segments. Procurify has raised funds across seven funding rounds with backing from 20 investors. The company has built substantial traction, being named the #1 Mid-Market Purchasing Software by G2 and trusted by hundreds of customers worldwide to manage over $30 billion USD of organizational spend. Notable customers include Asana and Hootsuite. The company is based in Vancouver, British Columbia, and has demonstrated strong investor confidence with prior Series C funding of $50 million USD. The October 2024 funding round specifically targeted support for AI capability development and geographic expansion. According to CIBC Innovation Banking director Josh Olawale, Procurify's procure-to-pay platform addresses critical needs for companies seeking to maintain budgetary control and enhance operational efficiencies, positioning the company as a leader in end-to-end spend management.
Oct 2023Series CExport Development Canada (lead); Ten Coves Capital (lead); Information Venture Partners; HarbourVest Partners$50MProcurify is an all-in-one spend management platform founded in 2013 that consolidates purchasing, accounts payable automation, and data analytics into a unified system. The company serves mid-market organizations and claims to work with hundreds of customers across multiple industries, managing over $30 billion in global spend. In October 2023, Procurify closed a Series C funding round raising $50 million USD, led by Ten Coves Capital with co-investment from Export Development Canada (EDC) and participation from existing investors including Information Venture Partners and HarbourVest. This round more than doubled the company's total equity funding to over $70 million. The capital was designated to support global expansion, launch new payment capabilities, and enhance the company's AI-powered procure-to-pay platform to deliver real-time spend insights and data-driven decision-making for customers. Procurify operates with a 100% remote workforce across Toronto and Vancouver and follows a four-day workweek model.
Jun 2019Series BInformation Venture Partners (lead); Runa Capital; Manulife; Kensington Capital Partners Limited; HarbourVest Partners$20MProcurify is an AI-enhanced procurement and AP automation platform for mid-market organizations, offering an end-to-end procure-to-pay system that integrates purchase requests, approvals, expenses, purchase orders, contracts, vendors, budgets, receiving, invoicing, bill payments, and spending cards. The company raised a Series B round on June 20, 2019, with lead investor Information Venture Partners and participation from HarbourVest Partners, Kensington Capital Partners Limited, Manulife, and Runa Capital. Subsequent rounds include a $50 million USD Series C in October 2023 led by Ten Coves Capital with co-investment from Export Development Canada and participation from existing investors like Information Venture Partners and HarbourVest, bringing total equity funding over $70 million at that time, and a $20 million Growth Equity round from CIBC Innovation Banking in October 2024. The funds from later rounds support global expansion, new payment capabilities, AI enhancements, and procurement technology development. Procurify has demonstrated strong growth with 100% year-over-year increase in new sales as of 2023, amid rising demand for spend management solutions in a challenging economic environment.
Nov 2016Series ARuna Capital (lead); Tom Williams; CSC Upshot; Heron Rock Fund; Point Nine; Hedgewood; Business Development Bank of Canada; Nexus Venture Partners$7MProcurify, a Vancouver-based cloud and mobile procure-to-pay software company founded in 2012, raised $7 million in a Series A funding round on November 17, 2016, led by Runa Capital with participation from Point Nine Capital, Nexus Venture Partners, Business Development Bank of Canada, Hedgewood, and Tom Williams. The platform helps organizations manage spending through features like budget management, fraud detection, real-time tracking, and integrations with systems such as QuickBooks and NetSuite, targeting small to medium businesses, not-for-profits, and schools. Procurify serves clients including Hootsuite, Berkshire Hathaway, Airbus, TaskUs, and Vision Critical across over 100 countries, addressing a $16 billion market of untracked outbound spend growing at 30%. In Q1 2016, the company reported a 250% increase in net new revenue and 500% increase in revenue from existing clients due to larger deal sizes and enterprise adoption. The funding supports aggressive scaling, global growth, hiring including new COO Angela Baldonero, and product enhancements.
Jul 2015SeedRyan Holmes; Steve Johnson; Point Nine; Business Development Bank of Canada; Nexus Venture Partners$4MProcurify, a Vancouver-based startup, raised $4 million in a seed round on July 22, 2015, from Point Nine Capital, Nexus Venture Partners, Business Development Bank of Canada, Hootsuite CEO Ryan Holmes, and chief revenue officer Steve Johnson. This followed a prior $1.2 million seed round with some overlapping investors including BDC, Nexus, and Mark Cuban. The funding supported investments in sales, marketing, and product development for its cloud-based procurement platform, which streamlines purchasing workflows including requisitions, approvals, purchase orders, receiving, and budgets. The platform served customers in over 58 countries across industries like education, hospitality, and tech, with notable users including AltSchool and GardaWorld. Pricing started at $5 per month per regular requester and $45 for power users, with annual discounts and a free tier.
Apr 2014SeedMark Cuban; BDC Capital; Nexus Venture Partners$1M-

Who has invested in Procurify?

19 investors have backed Procurify across its funding rounds, including Nexus Venture Partners, Point Nine, Business Development Bank of Canada, Runa Capital, HarbourVest Partners and Information Venture Partners.

Lead investors include CIBC Innovation Banking, Export Development Canada, Ten Coves Capital, Information Venture Partners and Runa Capital.


Procurify Investors

Investors in Procurify by funding rounds participated
InvestorHQRoundsRoleFirst check
Nexus Venture PartnersUnited StatesSan Francisco, CA3ParticipantApr 2014
Information Venture PartnersCanadaToronto2LeadJun 2019
Runa CapitalLuxembourgLuxembourg2LeadNov 2016
Point NineGermanyBerlin2ParticipantJul 2015
Business Development Bank of CanadaCanadaMontreal2ParticipantJul 2015
HarbourVest PartnersUnited StatesBoston, MA2ParticipantJun 2019
Tom WilliamsUnited StatesSan Francisco, CA1ParticipantNov 2016
CSC UpshotUnited StatesSan Francisco, CA1ParticipantNov 2016
Ryan HolmesCanadaVancouver1ParticipantJul 2015
Export Development CanadaCanadaOttawa1LeadOct 2023
Heron Rock FundCanadaOttawa1ParticipantNov 2016
Steve JohnsonUnited StatesSeattle, WA1ParticipantJul 2015
ManulifeCanadaToronto1ParticipantJun 2019

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by Procurify

Procurify has acquired 1 company to date.

Last acquisition by Procurify was on April 2nd 2018. Procurify acquired VendorBase for undisclosed valuation.


Latest Acquisitions by Procurify

VendorBase
Description
VendorBase is a Canadian online platform connecting buyers with suppliers. Vancouver-based, it facilitates RFPs, sourcing, and procurement for industries like manufacturing and logistics. VendorBase enables reverse auctions and supplier ratings for categories including IT hardware and office supplies. Founded in 2018, the platform serves enterprises across Canada and the United States.
HQ CountryCanada
HQ City
Vancouver
Deal Date2 Apr 2018
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Procurify Competitors

Procurify competitors include listed companies like Manhattan Associates, Descartes Systems Group and Ingram Micro, and private ones like Meicai, RELEX Solutions and Workato.

Public and private companies comparable to Procurify
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Manhattan AssociatesUnited StatesUnited StatesPublicly listed$1.1B$288M$12B10.6x
MeicaiChinaBeijingPrivate--$7B-
Descartes Systems GroupCanadaCanadaPublicly listed$729M$305M$6.8B8.1x
Ingram MicroUnited StatesUnited StatesPublicly listed$53B$1.1B$6.3B0.2x
RELEX SolutionsFinlandHelsinkiPrivate--$5.8B-
WorkatoUnited StatesSan Francisco, CAPrivate$30M-$5.7B190.0x

Procurify Public Comps

Procurify is still privately-owned, but its public comps include Manhattan Associates, Descartes Systems Group, Ingram Micro, HopeRun, Wuchan Zhongda Group Co, Kinaxis, SPS Commerce, Xiamen Xiangyu Co, GigaCloud Technology and Infomart.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Manhattan Associates$1.1B$288M11.2x10.6x42.2x29.7x
Descartes Systems Group$729M$305M8.8x8.1x21.1x17.7x
Ingram Micro$53B$1.1B0.2x0.2x8.7x6.6x
HopeRun$594M$42M7.1x6.4x100.0x-
Wuchan Zhongda Group Co$89B$1.5B0.1x0.1x8.5x7.3x
Kinaxis$548M$102M5.9x5.3x31.7x20.3x
SPS Commerce$752M$182M3.6x3.5x15.0x10.6x
Xiamen Xiangyu Co$61B$523M0.1x0.1x13.8x10.4x

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Common questions about Procurify

When was Procurify founded?Procurify was founded in 2012.
Where is Procurify headquartered?Procurify is headquartered in Vancouver, Canada.
Is Procurify publicly listed?No, Procurify is a private, VC-backed company.
How much funding has Procurify raised?Procurify has raised $102M across 6 funding rounds.
What was Procurify's last funding round?Procurify's last funding round was a $20M undisclosed-stage round in October 2024, led by CIBC Innovation Banking.
Who are Procurify's investors?Procurify's investors include Nexus Venture Partners, Information Venture Partners, Runa Capital, Point Nine, Business Development Bank of Canada, HarbourVest Partners, Tom Williams, CSC Upshot, Ryan Holmes, Export Development Canada and 9 others.
Which companies are comparable to Procurify?Companies comparable to Procurify include Manhattan Associates, Meicai, Descartes Systems Group, Ingram Micro, RELEX Solutions and Workato.
How many companies has Procurify acquired?Procurify has acquired 1 company, including VendorBase.

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