More investment is driving further product development, market expansion and the birth of more unicorns.
Digital procurement innovation is shifting mindsets, capabilities, industries and the planet!
“For years, the prevailing narrative for innovation in supply chain has focused on the disruptors: Upstarts that enter the industry with new technologies and business models to displace incumbents. Less heralded has been the next wave these disruptors often catalyze: Digital enablers seeking to arm the incumbents against the incursions of their new digital rivals.”
Steve Sloane, Derek Xiao, Menlo Ventures
In 2021, the ProcureTech100 defined the 100 pioneering digital procurement solutions that were shaping the enterprise. These 100 and the whole procuretech ecosystem continue to innovate and pioneer across all areas of the supply chain… from digital solution to corporate to investor the whole ecosystem is shifting.
This is epitomised by EcoVadis, recently raising $500m and recognised by Emmanuel Macron president of France as a (French) global talisman for sustainable procurement and ESG:
“Putting technology at the service of companies’ environmental and social performance? This is the successful bet of EcoVadis, this company with a mission that becomes the new French unicorn!
As a world leader in the evaluation and improvement of corporate social responsibility, EcoVadis contributes to our fight to promote at the international level the imperative, now central, of sustainability for companies.
Congratulations to Pierre-François Thaler and Frédéric Trinel, as well as their teams, for the development of this innovative solution for the protection of the planet.”
The last couple of weeks have provided a temperature check on how hot the digital procurement market is and is set to remain.
EcoVadis also gains unicorn status as its total funding reaches over $725m. The funding will help the Business Sustainability Ratings platform’s growth plans and bolster its technology
- SaaS buying platform Vendr joins the unicorn club as its recent $150m funding round gains a $1 billion valuation!
- Arkestro, a Predictive Procurement Orchestration platform, raises $26m to bring game theory and machine learning to procurement, expand its team and continue helping customers secure savings and engage with their Spend better
- Healthcare distribution marketplace bttn secured $20m in Series A funding to scale and accelerate its growth, to provide a modern, digital approach for customers to purchase healthcare supplies
- B2B SaaS Resource Management technology platform Rheaply secured $20m in funding ‘to transform how organizations source, procure, and use resources; helping to create a more circular economy driven working world.’
- Stotles raised $6.5m in seed funding, bringing its total to $9m. Funding will be used to bring businesses and government together to make public sector buying processes less painful.
The investment thesis for procuretech is deep and strong, endorsed by the future thinking investors that continue to recognise the long-term potential and transformation that procuretech will deliver.
- Peakspan Capital’s leading investment in Simfoni’s $15m Series B funding
- Why we are still in love with Procurement – don’t worry, humans have not been forgotten! If anything, funding is creating an abundance of jobs in tech
- Reasons why you should be investing in Technology Scouting