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- Procurify
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
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
Website
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
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Oct 2024 | Undisclosed stage | CIBC Innovation Banking (lead) | $20M | Procurify 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 2023 | Series C | Export Development Canada (lead); Ten Coves Capital (lead); Information Venture Partners; HarbourVest Partners | $50M | Procurify 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 2019 | Series B | Information Venture Partners (lead); Runa Capital; Manulife; Kensington Capital Partners Limited; HarbourVest Partners | $20M | Procurify 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 2016 | Series A | Runa Capital (lead); Tom Williams; CSC Upshot; Heron Rock Fund; Point Nine; Hedgewood; Business Development Bank of Canada; Nexus Venture Partners | $7M | Procurify, 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 2015 | Seed | Ryan Holmes; Steve Johnson; Point Nine; Business Development Bank of Canada; Nexus Venture Partners | $4M | Procurify, 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 2014 | Seed | Mark 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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Participant | Apr 2014 | ||
| 2 | Lead | Jun 2019 | ||
| 2 | Lead | Nov 2016 | ||
| 2 | Participant | Jul 2015 | ||
| 2 | Participant | Jul 2015 | ||
| 2 | Participant | Jun 2019 | ||
| 1 | Participant | Nov 2016 | ||
| 1 | Participant | Nov 2016 | ||
| 1 | Participant | Jul 2015 | ||
| 1 | Lead | Oct 2023 | ||
| 1 | Participant | Nov 2016 | ||
| 1 | Participant | Jul 2015 | ||
| 1 | Participant | Jun 2019 | ||
This data is available for Pro users. Sign up to see all 19 Procurify investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions 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
| 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 Country | |
| HQ City | Vancouver |
| Deal Date | 2 Apr 2018 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Procurify acquisitions and their M&A valuation multiples. Start Free Trial | |
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.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $1.1B | $288M | $12B | 10.6x | ||
| Private | - | - | $7B | - | ||
| Publicly listed | $729M | $305M | $6.8B | 8.1x | ||
| Publicly listed | $53B | $1.1B | $6.3B | 0.2x | ||
| Private | - | - | $5.8B | - | ||
| Private | $30M | - | $5.7B | 190.0x |
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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.1B | $288M | 11.2x | 10.6x | 42.2x | 29.7x | |||
| $729M | $305M | 8.8x | 8.1x | 21.1x | 17.7x | |||
| $53B | $1.1B | 0.2x | 0.2x | 8.7x | 6.6x | |||
| $594M | $42M | 7.1x | 6.4x | 100.0x | - | |||
| $89B | $1.5B | 0.1x | 0.1x | 8.5x | 7.3x | |||
| $548M | $102M | 5.9x | 5.3x | 31.7x | 20.3x | |||
| $752M | $182M | 3.6x | 3.5x | 15.0x | 10.6x | |||
| $61B | $523M | 0.1x | 0.1x | 13.8x | 10.4x | |||
This data is available for Pro users. Sign up to see all Procurify competitors and their valuation data. Start Free Trial | ||||||||
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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