Procurement startup secured $68 million CAD Series C round in 2023.
Vancouver-based spend management and procurement software startup Procurify has secured $20 million USD (27.8 million CAD) in growth capital from CIBC Innovation Banking.
New offering follows a “major upgrade” that expanded startup’s bill payment capabilities.
The capital supported Procurify’s AI-powered product development as part of the launch of its new accounts payable (AP) automation solution, the company said in a statement, adding that the funding will enable Procurify to continue delivering its solutions while expanding into new markets.
Founded in 2013, Procurify sells an all-in-one spend management platform to mid-market organizations. Procurify’s solution combines purchasing, accounts payable automation, and data analytics into a single platform, which is used by clients like Questrade, SkipTheDishes, Hootsuite, and Asana.
Procurify secured $68 million CAD ($50 million USD) in Series C funding just over a year ago, which it said it would use to fuel its global expansion, roll out new payment capabilities, and strengthen its core procure-to-pay platform with AI.
Procurify says its new AP offering uses optical character recognition to extract invoice details while flagging any accuracy discrepancies, and allows users to create bills and make deposit payments.
RELATED: Procurify closes $68-million CAD Series C to invest in AI, global expansion of spend management platform
The startup said the new offering follows a major upgrade that expanded bill payment capabilities to include ACH, wire, and check payments in the United States and electronic funds transfer in Canada.
“Our Series C funding round was all about injecting AI into our platform to transform how revenue-driven organizations in the upper [small-to-medium-sized business] SMB and mid-market manage spending,” Procurify CEO Aman Mann said in a statement. “With the introduction of new AP automation capabilities, we’re delivering on that promise—helping businesses gain better control and efficiency through automation,” he added.
The funding from CIBC Innovation Banking takes the form of venture debt, according to Private Capital Journal. CIBC Innovation Banking is the bank’s business lending arm born out of its 2018 acquisition of Wellington Financial. CIBC has been supporting numerous Canadian tech startups with growth capital and credit facilities in recent months including Wisedocs, Nulogy, and LumiQ.
Feature image courtesy Procurify.