Procurify.com Closes $1.2 Million from Nexus VP, BDC, and Dallas Mavericks Owner, Mark Cuban

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A LA MODE

A lot has happened since we interviewed Procurify one short year ago. We called them a startup and now, they’re more appropriately referred to as an international cloud procurement software firm headquartered in Vancouver. Procurify recently closed a $1.2 million seed round of funding from top-tier investors, one of which is Shark Tank personality and billionaire business tycoon, Mark Cuban.

The other investors include India and Silicon Valley-based Nexus Venture Partners and the Business Development Bank of Canada (BDC). This seed funding will set the 26-person team up to continue developing new features, growing their team and increasing their worldwide customer base.

“This investment gives us the opportunity to expand both the web and mobile platforms and bring Procurify to new heights,” said Eugene Dong, co-founder and CTO of Procurify.

One of the platforms the team is most excited about is their new Buyer Supplier Portal, a marketplace that connects users of Procurify (buyers) with vendors and suppliers. This is another step they are taking in making procurement a convenient and seamless process.

An initial question I had was how much they overlap with different cloud accounting software out there, which also helps businesses streamline their cash flows. Their answer was that they see themselves as a complimentary, “pre-accounting” solution that can work with accounting software by adding a new layer of real-time spending data, allowing businesses to be proactive and better manage their money and resources. In fact, they’re currently working on the final touches of an integration with the hottest cloud accounting software solution on the market, Xero.

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In the past year Procurify’s user base has grown to include clients in more than 40 countries worldwide, and the team has more than doubled in size to support this growth. This user base includes high profile clients such as Hootsuite, a leading social media management platform, and Katz Media, which represents about 4,000 radio stations and 500 TV and digital multicast stations throughout the U.S.

Aman Mann, co-founder and CEO said: “Procurify is a small, young group of entrepreneurs with a big dream. We are taking our platform to a global level with this investment and working with clients ranging from small businesses to Fortune 1000 companies. We want to give business software the intuitive usability of consumer software. The time has come to revolutionize the enterprise space.”

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Learn more: http://www.procurify.com

Procurify is a fully-featured, cloud-based procurement software solution that can be used to manage both direct and indirect company spending, while providing control and visibility of where company money is going in real-time, using simple-to-generate reports and analytics. Procurify.com is a trusted global technology brand, dedicated to simple, innovative, sustainable and cost-effective enterprise solutions.

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Paul Davidescu Founder of Tangoo, the pocket concierge app that delivers the most personal and seamless way to organize the perfect social outing at restaurants and social venues matched to your mood: (www.tangoo.ca/app). Former editor of Vancouver Entrepreneurs series, UBC Sauder alumni, public speaker, startup mentor.
@pauldavidescu

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