Canada-based startup Procurify that helps businesses to streamline their purchasing and expense workflow, has raised a $4 million seed round. The investment was led by Point Nine Capital, Nexus Venture Partners and the Business Development Bank of Canada (BDC). Hootsuite’s CEO Ryan Holmes and its chief revenue officer Steve Johnson also participated in this round. The company aims to utilize the raised fund to invest in its sales, marketing and product development teams for its cloud-based platform.
Procurify’s service is used in more than 58 countries that includes requisition orders, manager approval and creating the purchase orders as well as also handle receiving, budgets, and other steps in the procurement process.
The company expects to process more than half a billion dollars of purchase orders on its platform this year. Pricing for its services starts at $5 per/month for a regular requester and $45 per/month for ‘Power Users’. Pricing can be billed monthly or annually and the company provides 20% discounts for those who select annual subscription. It also offers a free tier for small businesses to manage their purchasing.
In 2014, Procurify received $1.2 million in another seed round from BDC and Nexus Venture Partners, as well as Mark Cuban.