French company Pivot stands out as an inspiring success story, defying the downward trend in startup investments. With an initial $5.3 million pre-seed round in April (€5 million), the innovative procurement tool developer has been rapidly scaling its operations. Pivot’s trajectory has garnered attention, leading to the announcement of a new Series A funding round amounting to $21.6 million (€20 million) from existing investors, including Visionaries, Emblem, Anamcara, and Oliver Samwer.
Pivot has swiftly moved from raising funds to launching its procurement tool. A modern spend management solution, Pivot differentiates itself by offering superior functionality compared to established players like Oracle NetSuite’s procurement component or Coupa. Rather than relying on cumbersome integration processes, Pivot seamlessly integrates with existing financial stacks and ERP systems. Administrators can easily configure the tool, ensuring a user-friendly experience for employees dealing with purchase orders.
The platform boasts a no-code interface for constructing internal workflows related to purchase orders. Triggering validation rules based on thresholds and utilizing organizational charts to facilitate communication via platforms like Slack or Microsoft Teams, Pivot streamlines the procurement process.
Once integrated, finance teams gain a comprehensive overview, enabling efficient approval or denial of purchases. Budget tracking features empower other teams to monitor spending, ensuring adherence to financial plans. All data is synchronized with the ERP, establishing it as the authoritative source for vendor and invoice information.
Pivot’s emergence is timely as businesses explore avenues for cost reduction. The platform’s unique offering addresses a universal challenge faced by companies, regardless of their scale – the imperative need for cost-cutting. Robert Lacher, founding partner at Visionaries, emphasizes Pivot’s distinctive response to this widespread concern, making it an attractive prospect for investors.
Despite not initially planning a rapid fundraising round, the positive feedback and successful execution prompted Pivot to secure an additional €20 million in funding. This unforeseen capital injection will be pivotal in realizing more ambitious recruitment goals, expediting product development, and increasing brand visibility.
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