CIBC Innovation Banking Provides Procurify with US$20 Million in Growth Capital

By: CIBC Innovation Banking via Business Wire

October 30, 2024 at 10:00 AM EDT

CIBC Innovation Banking announced today it has provided US$20 million in growth capital to Procurify, a leader in proactive spend management solutions. This funding will support Procurify’s continued development of innovative procurement technologies and its mission to enhance organizational spend transparency and efficiency.

Procurify’s suite of proactive spend management solutions includes the recent launch of an all-new accounts payable (AP) automation solution. Building on the success of its existing AP platform and established customer base, this new AI-driven solution works efficiently across financial management processes, prioritizing vendor relationships.

"Working with CIBC Innovation Banking, we’ve been able to deliver new AP automation capabilities which are helping businesses gain better control and operational efficiency through automation," said Aman Mann, CEO of Procurify.

“Procurify is building strong momentum towards transforming organizational spend management,” said Josh Olawale, Director at CIBC Innovation Banking. “Their procure-to-pay platform can assist companies in effectively maintaining budgetary control and enhance operational efficiencies helping to position Procurify as a leader in end-to-end spend management.”

About CIBC Innovation Banking

CIBC Innovation Banking delivers strategic advice, cash management and funding to innovation companies across North America, the UK, and select European countries at each stage of their business cycle, from start up to IPO and beyond. With offices in Atlanta, Austin, Boston, Chicago, Denver, Durham, London, Menlo Park, Montreal, New York, Reston, Seattle, San Francisco, Toronto and Vancouver, the team has extensive experience and a strong, collaborative approach that extends across CIBC’s commercial banking, private banking, wealth management and capital markets businesses.

About Procurify

Procurify is the AI-enhanced procurement and AP automation platform for the mid-market. We make it easy for organizations to take control of spend and save money. Procurify offers the most complete procure-to-pay system, seamlessly integrating purchase requests, approvals, expenses, purchase orders, contracts, vendors, budgets, receiving, invoicing, bill payments, spending cards, and more. Named the #1 Mid-Market Purchasing Software by G2, Procurify is trusted by hundreds of customers worldwide to manage over $30 billion USD of organizational spend. Learn how Procurify can help you control costs and save money: www.procurify.com.