Canadian software provider startup Procurify has managed to raise $4-Million in seed funding from Nexus Venture Partners, the Indian based venture capital firm. Procurify is a SaaS startup that offers purchasing softwares to small and medium sized businesses.
The investment round was led by Ryan Holmes and Steve Johnson CEO of the famous social media management software HootSuite. As with any other software startups Procurify will utilize the funds for its purchases and the cloud based purchasing platform. The funding will help the startup to spread its wings across different regions and also develop a strong sales team.
Procurify client Sue Yoon, Vice president of finance at AltSchool was quoted “Since implementing Procurify, 50% of all purchasing is becoming standardized, saving our educators an hour per week of their time, which can be used to focus more on children in the classroom. In addition, all teacher procurement came in this past school year under budget”
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Procurify is prospering in the SaaS space and is all set to disrupt the industry just like how Salesforce.com did for CRM. Jishnu Bhattacharjee, Managing director at Nexus Venture Partners said “Procurify is re-imagining enterprise spend management for the mobile era. Their elegantly simple solution is being adopted at a rapid pace by companies across the world. We are thrilled to be partnering with the Procurify team to help build a great company”
Procurify has been used in more than 58 countries and in due course of time it can very well mushroom into a ready to-go software solution for hospitality groups, technology companies and educational institutions. The startup has been doing well revenue wise and is right on track to bill over a billion dollar of purchases on its platform this year.
Procurify is on track to process over half a billion dollars in purchase orders on its platform this year. It is a well-known secrets that SaaS startups have a hard time securing investment thanks to the high degree of variance in the business. Are you trying to build a SaaS startup of your own? Check out the common challenges you might have to brave.