What happened: B.C. tech firm closes a Series B funding round to the tune of US$20 million
Why it matters: Procurify plans to hire more workers, expand internationally
A Vancouver startup specializing in helping companies manage their spending has its eyes on expanding both its roster and its international footprint after raising US$20 million.
Procurify Technologies Inc. announced the close of its Series B funding round June 20.
The company said in a release that it would use the capital to grow its team, embark on a number of sales and marketing initiatives and expand its offerings into international markets.
Neither CEO Aman Mann nor any other representatives from Procurify were made available to speak to Business in Vancouver in the days leading up to the official announcement.
In a prepared statement, Mann said he was grateful to embrace the next stage of Procurify.
The taxpayer-backed BC Tech Fund is among the investors involved in the latest funding round.
Other investors include Toronto’s Information Venture Partners and Manulife Financial Corporation, Silicon Valley-based Runa Capital and Boston-based HarbourVest Partners, LLC.
The BC Tech Fund is a $100-million fund of funds, ushered in by the previous BC Liberal government in 2015 with a mandate to build more local startups in the province.
As a fund of funds managed by Toronto-based Kensington Capital, it’s backed venture capital funds including Vanedge Capital and Toronto’s Lumira Capital, which has opened a Vancouver office.
The BC Tech Fund also has $25 million earmarked for direct investments in local startups.
Other direct investments include Vancouver-based Foodee Inc. and Eventbase Technology Inc.
Meanwhile, Mojio — the first B.C. startup to receive a capital injection from the BC Tech Fund — has since seen its entire executive team migrate to Silicon Valley as of February.
