Pivot, a consumer-grade procurement software that helps companies keep their spend under control while enhancing their teams, announced a €20 million funding round from its long-standing backers such as Visionaries, Emblem, Anamcara and Oliver Samwer (co-founder of Rocket Internet), who have renewed their trust in the company.
At a time when investors are becoming increasingly selective, and the economic climate is marked by uncertainty, Pivot has managed to complete two rounds of financing in just 6 months. Just 2 months they announced a pre-seed of €5 million.
Founded in 2023 by former C-Levels of French unicorns Qonto and Swile, Pivot aims to shake up the procurement market and become one of its leaders. This round of financing will enable the company to accelerate its growth and roll out its innovative P2P tool in several European countries. In just a few months, Pivot has already won over a dozen leading European companies.
“The procurement market is still dominated by complex solutions created by the industry giants in the 90s. However, these tools are at odds with the expectations of today’s users, who are looking for intuitive interfaces and ready-to-use solutions. Our ambition is to provide companies with an innovative tool that will enable them to take full advantage of purchasing as a powerful driver of profitability. The trust placed in us by our customers and investors confirms that we are moving in the right direction,” said Romain Libeau, Co-founder and CEO of Pivot.
Unlike existing solutions, Pivot drastically simplifies purchasing processes thanks to intuitive interfaces and artificial intelligence, making it easy for all employees to adopt the tool. They can make it their own, even if they have no advanced financial knowledge. This is an important factor, given that an estimated 75% of company employees today either ignore or tend to bypass purchasing procedures due to their complexity. This turnkey software solution for controlling expenses is designed to streamline the process, while meeting the transparency and security requirements of finance and IT teams.
“If we chose to reinvest in Pivot so quickly, it’s because we were impressed by the team’s speed of execution, both commercially and in terms of product development. We are convinced that this dynamic is a major asset for Pivot in its ambition to win the battle against the procurement giants. Pivot offers a unique response to a problem we witness in any of our LPs companies – no matter if a digital scaleup or an industrial world market leader – in a context of drastic cost-cutting. We’re looking forward to continuing this adventure alongside them,” added Robert Lacher, Founding Partner of Visionaries.
Thanks to native integrations with the customer’s ERP and business tools, Pivot can be deployed within an organization in record time, without the need for a costly integrator. Another advantage of this solution is its automation, which saves teams time-consuming manual tasks. Here again, the figures are significant: on average, 52 emails are exchanged between employees in order to make a purchase. AI maximizes productivity and gives employees the opportunity to focus on high value-added tasks.
Finally, the solution is interoperable with various applications in the professional environment: communication tools like Slack, ERP like Netsuite, solutions for SSO and provisioning like Okta, or even Personio and BambooHR for HR data.
Read the orginal article: https://www.eu-startups.com/2023/12/paris-based-pivot-bags-e20-million-to-accelerate-its-growth-with-new-gen-procure-to-pay-tool/
