Spend management platform Procurify closes $50m Series C

• Existing investors, including Information Venture Partners and HarbourVest, also participated in the round
• Steve Lula, a partner at Ten Coves Capital, will join Procurify’s board of directors
• The proceeds of the Series C will enable Procurify to expand globally, launch new payment capabilities, and provide customers with an AI-enhanced procure-to-pay experience

Procurify, a Vancouver-based spend management solution for mid-market organizations, has secured $50 million in a Series C financing.

The round was led by Ten Coves Capital, with co-investment from Export Development Canada. Existing investors, including Information Venture Partners and HarbourVest, also participated. Steve Lula, a partner at Ten Coves, will join Procurify’s board of directors.

The round increases the company’s total funding to more than $70 million.

Founded in 2013, Procurify provides an all-in-one intelligent spend management platform, unifying purchasing, AP automation and data analytics into one user-friendly platform. With hundreds of customers across dozens of industries, the company manages more than $30 billion of global spend.

The proceeds of the Series C will enable Procurify to expand globally, launch new payment capabilities, and provide customers with an artificial intelligence (AI)-enhanced procure-to-pay experience.

“By thriving in these challenging market conditions, Procurify has proven that there is a real need for intelligent spend management,” said Ten Coves’ Lula in a statement. “Their significant expertise in procurement, vision to harness AI to deliver data-driven predictive insights and opportunity to improve the customer experience with enhanced payments offerings, uniquely positions them to shape and lead the future of the procure-to-pay market.”

Based in Darien, Connecticut, Ten Coves Capital invests in high-growth B2B software companies across the financial technology ecosystem.