Sourcing Management Startup Aavenir Bags $2 Mn To Expand Global Presence

Sourcing Management Startup Aavenir Bags $2 Mn To Expand Global Presence

SUMMARY

Accel has invested $2 Mn in the seed funding round

Aavenir plans to accelerate the development of its products

The enterprise tech company has also partnered with ServiceNow

San Francisco and Ahmedabad-based enterprise tech startup Aavenir, on Monday (April 14), announced that it has raised $2 Mn in its seed funding round from venture capital company Accel.

With the funds, the startup plans to accelerate the development of its products. Aavenir also wants to increase its global presence by strengthening sales and marketing operations.

Founded in 2019 by Jesal Mehta, Aavenir offers solutions for contract lifecycle management and procurement management on a source-to-pay basis. It also offers accounts payable automation to enable efficient sourcing, procurement and contracting processes.

Currently, the startup is aiming to automate the source-to-pay process on ServiceNow, a digital workflow platform. Notably, Aavenir has recently partnered with ServiceNow. It also has partnerships with tech solutions providers Brightleaf and Mainspring.

In the wake of the Covid-19 pandemic, Aavenir is offering free access to its contract lifecycle management product — Contractflow — for 120 days. This service will help its clients to easily access and manage contracts while working remotely.

According to Mehta, new-age technologies such as machine learning, natural language processing (NLP), and interactive chatbots are offering better opportunities to automate and simplify the complex source-to-pay process significantly.

In the last few years, there has been an increased demand for source-to-pay workflow in enterprises across the globe and James Maxwell, ISV Lead at ServiceNow, believes that Aavenir has clearly identified the pain points within this segment.

According to an analysis by Reports and Data, the source-to-pay software market is estimated to be valued at $5 Bn. The study states that the industry is expected to reach $9.2 Bn by 2025, growing at a compound annual growth rate (CAGR) of 26%. Factors such as the need for streamlining business operations, increasing strategic developments such as partnerships and agreements are key factors contributing to high CAGR of this industry during the forecasted period.

In the segment, Aavenir competes with the likes of TradeShift, Ariba, Basware, Xeeva, ProcurePack, among others. TradeShift, which is eying an IPO soon, is backed by Indian IT major Wipro. TradeShift transforms and digitise the supply chain by leveraging cloud technology.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Sourcing Management Startup Aavenir Bags $2 Mn To Expand Global Presence-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Sourcing Management Startup Aavenir Bags $2 Mn To Expand Global Presence-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Sourcing Management Startup Aavenir Bags $2 Mn To Expand Global Presence-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Sourcing Management Startup Aavenir Bags $2 Mn To Expand Global Presence-Inc42 Media
Sourcing Management Startup Aavenir Bags $2 Mn To Expand Global Presence-Inc42 Media
You’re in Good company