Procurify, a software-as-a-service (SaaS) startup offering purchasing software to small- and medium-sized businesses, has raised a USD $4 million seed round.
The investment was led by Point Nine Capital, Nexus Venture Partners, and the Business Development Bank of Canada.
Ryan Holmes and Steve Johnson, the CEO and chief revenue officer of Hootsuite respectively, also participated in the round. Both men will become advisors to the Vancouver startup's team.
Procurify says it will use this funding to fuel its continued growth in the multi-billion dollar cloud and mobile enterprise software market with further investment into sales, marketing and product development.
"Procurify is positioned to become the market-leading SaaS platform for purchasing and is doing for that industry what Salesforce.com did for customer relationship management and Zendesk did for customer service," said Christoph Janz, managing partner at Point Nine Capital.
"Procurify is re-imagining enterprise spend management for the mobile era," Jishnu Bhattacharjee, managing director at Nexus Venture Partners said.
“We are just at the beginning stages of scaling SaaS in the business world and Procurify is on track to lead the transformation," Aman Mann, co-founder and chief executive officer of Procurify, said.
Procurify is used in 59 countries around the world and says it is on track to process over half a billion dollars in purchase orders on its platform this year.