On October 17, 2023, Procurify, a Vancouver-based startup specializing in spend management and procurement software, secured over $68 million ($50 million USD) in a Series C funding round. This all-equity, all-primary round, which closed in the summer, was led by Ten Coves Capital and included co-investment from Export Development Canada, along with participation from existing investors like Information Venture Partners and HarbourVest Partners.

The funding round, which came over four years after Procurify’s $26 million Series B, brought its total funding to over $95 million. The company plans to utilize the funds to fuel global expansion, introduce new payment capabilities, and enhance its core platform with AI.

Founded in 2013, Procurify offers an all-in-one intelligent spend management platform for mid-market organizations, combining purchasing, accounts payable automation, and data analytics. The company’s platform manages over $40 billion CAD in global spending for clients such as Questrade, SkipTheDishes, Hootsuite, and Asana.

Legal advisors for the deal were not disclosed in the article.

Steve Lula, a partner at Ten Coves Capital, will join Procurify’s board. The investment underscores the growing demand for digital procurement solutions, especially amid economic challenges. Procurify reported a 100 percent year-over-year increase in new sales and plans to expand its presence in Europe and Oceania.

Osler, Hoskin & Harcourt LLP advised Procurify with a team consisting of Chad Bayne, Jacques Du Plessis, Manveer Bisla, Ian Nelson, and Jeremy Lin (Emerging and High Growth Companies).

Dentons acted for Information Venture Partners.