Pivot, a startup building artificial intelligence software for procurement, has raised $40 million in a Series B round, bringing its total funding to $70 million since it was founded in 2023.
The financing was led by Forestay Capital and Notion Capital, with Greyhound joining existing backers including Hedosophia, Visionaries Club and Emblem. According to reporting by Tech.eu and other outlets covering the deal, the round was oversubscribed and also attracted support from procu...
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rement industry veterans, including the founder of EcoVadis and a former global vice president at Ariba.
The company is trying to overhaul a corner of enterprise finance that still depends heavily on spreadsheets, email chains and other fragmented manual processes. Pivot says its platform acts as an AI operating system for procurement, connecting with existing enterprise resource planning systems and covering sourcing, approvals, invoicing and payments across the full purchase cycle.
The startup says it now operates in more than 25 countries and processes $3 billion in invoices a year. Its customers include DoorDash, Lemonade and Flix. DoorDash chief accounting officer Gordon Lee said the platform was chosen to help handle the complexity of the company’s European entity, citing faster performance and a better user experience.
Marc-Antoine Lacroix, the co-founder, said the new capital will go towards expansion into new markets and further development of agentic AI functions designed to take over more manual procurement work. “Finance and procurement leaders tell us the same thing: They don’t need another workflow layer,” Lacroix said. “Pivot gives enterprises that visibility, reinforced by agentic AI that shifts the manual grind from a human burden to a machine burden.”
Investors are betting that the company can challenge long-established procurement software vendors by building from the system of record rather than layering automation on top of older tools. Forestay partner Deborah Pittet said enterprise procurement is overdue for a generational shift towards AI-first systems.
Source: Noah Wire Services
