Simfoni Raises $15 Million In Series B Funding To Support Rapid Growth And Expansion Of Next-Generation Procurement Platform

By AIT News Desk On Jul 26, 2021

Award-Winning Platform Fuses Data, Technology, Content and Services

Simfoni, the next-generation digital solutions provider for Spend Intelligence and Spend Automation, announced that it has raised a total of $15 million in Series B funding led by Peakspan Capital. With this funding, Simfoni will significantly expand sales and marketing to meet increasing demand for its analytics-driven, turn-key Spend Automation platform, powered by Artificial Intelligence (AI).

“We have been tracking the procurement software space for several years, and are thrilled to partner with Simfoni, which has crafted an approach truly unlike anything we’ve ever seen in this market,” said Jack Freeman, Principal at PeakSpan Capital. “The unique business model and ‘Pay As You Save’ pricing developed by this team has set the stage for Simfoni to capture a large, untapped opportunity, offering digital procurement solutions to enterprises who lack robust procurement resource, experience, and budget. We have been really impressed by Simfoni’s seasoned management team, global reach and the unique commercial proposition. The company is growing rapidly with strong capital efficiency, and we are excited to be able to provide additional resources to support the business’ continued acceleration.”

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The Simfoni Spend Automation platform is a full digital procurement suite that provides more control for CFOs. It utilizes Machine Learning (ML) and AI to leverage data to automate and streamline key aspects of the procurement process, while reducing third-party expenditures across the entire organization. In comparison with more traditional Procure-to-Pay solutions, Simfoni’s Spend Automation solution offers a “One Stop Shop” digital procurement capability for Chief Financial Officers and procurement professionals, with implementation and procurement execution, delivered within the world’s most accessible platform. By combining a unique digital technology platform with implementation support and buying resources, Simfoni manages the entire eProcurement transformation process.

“Having best in class procurement has always been a luxury for the largest companies that can afford the investment,” said Chirag Shah, Co-founder and Executive Chairman of Simfoni. “By offering a ‘Pay As You Save’ platform, Simfoni enables organizations of all sizes to take advantage of state-of-the-art technology, and we are seeing massive market interest. And now, we found the perfect growth equity partner in Peakspan Capital — their famous procurement technology map clearly demonstrates their credentials in the sector and their track record of successful exits confirms they have a proven approach to supporting and scaling next generation innovators.”

Simfoni currently has over 100 customers across a wide range of industry sectors, including retail, financial services, manufacturing, technology, healthcare, and education, among others. “As a customer, it has been great to leverage the many strengths of Simfoni,” said Yan Farah-Lajoie, Head of Sourcing & Procurement at MediaKind, a software company, providing next-generation streaming media experiences. “We initially started our engagement with Spend Analytics but quickly realized that there was so much more we could be doing to automate our procurement. Simfoni’s platform has solved some of our biggest obstacles around collecting and organizing spending data from various sources. It has helped our organization on our path to achieving savings goals, uncovering practical insights, and executing on a results-driven plan.”

“Simfoni makes the procurement process more strategic,” said Jason Stern, CEO, Simfoni Analytics. “For the first time our customers are able to use data to drive decisions and avoid costly issues. There is no one else out there combining best-in-class Spend Analytics with the people, technology and content to create a self-financing digital procurement platform in the way Simfoni does.”