Paris-based startup Pivot has secured €20 million in Series A funding to continue growing its procurement automation platform across Europe. As companies aim to tighten budgets and reduce spending, Pivot offers a timely solution to optimize procurement processes. This latest investment validates the strong demand for Pivot’s offering.
Founded by former executives from high-growth startups Qonto and Swile, Pivot has direct experience building financial services from the ground up. This gives them unique insight into the spending pain points faced by modern companies. Their procurement platform integrates seamlessly with popular business tools to provide end-to-end visibility and control.
The Series A round comes just months after Pivot closed €5 million in initial funding. The speed at which they’ve attracted follow-on investment shows investor enthusiasm in the company’s enormous potential. As existing backer Robert Lachner of Visionaries VC put it: “We were impressed by the team’s speed of execution, both commercially and in terms of product development.”
Pivot’s founders are equally buoyed by the vote of confidence from their investors. Co-founder Romain Libeau said: “The trust placed in us by our customers and investors confirms that we are moving in the right direction.” By automating procurement processes, the platform saves valuable time for finance, legal, compliance and other teams.
The fresh capital will pour fuel on Pivot’s plans to disrupt the outdated procurement software market. Their goal is to make smart spending a competitive advantage, rather than a chore, for companies across sectors. Integrations with popular business tools like Slack, Personio and Netsuite reduce complexity. The result is a user-friendly spend management platform that can be set up in days.
With the backing of experienced operators and savvy investors, Pivot is poised to accelerate the digital transformation of procurement. Company spending is often labeled as an unavoidable cost center. But modern automation tools like Pivot reveal it as a rich vein of potential savings - without compromising on vendor relationships, policy compliance or employee experience.
For leadership teams seeking to stretch budgets in uncertain economic times, reimagining procurement should be a top priority. Pivot’s simplified spend control software makes it easier than ever to unlock major cost savings, while freeing up resources to focus on high-value initiatives. With €20 million in new funding behind them, more European companies will soon benefit from their innovative approach.
Image source: Pivotapp.ai