BDC Venture Capital is a major venture capital investor in Canada, active at every stage of the company's development cycle, from seed through expansion, with a focus on technology-based businesses that have high growth potential and that are positioned to become dominant players in their markets. The company helps create and develop strong Canadian businesses through financing, consulting services and securitization, with a focus on small and medium-sized enterprises. BDC Venture Capital has been involved in venture capital since 1975 and has to date invested in more than 400 companies involved in the areas of Life Sciences, Telecommunications, Information Technology and Advanced Technologies.

BDC Venture Capital

Nexus Venture Partners is a venture capital firm established by ex-entrepreneurs in enterprise technology and consumer internet. The firm was founded in 2006 and is headquartered in Menlo Park, California, United States.

Nexus Venture Partners

BDC offers financing, consulting services, subordinate financing and venture capital. They focus on small and medium-sized enterprises (SMEs). BDC's services are available across Canada in both official languages through a network of more than 100 offices. Its head office is in Montreal.

Business Development Bank of Canada

Point Nine Capital is a Berlin-based venture capital firm focused exclusively on early-stage Internet investments in areas like Software-as-a-Service (SaaS), online marketplaces, and mobile. The fund and its managers, Pawel Chudzinski and Christoph Janz have backed a number of highly successful Internet companies such as Delivery Hero, Clio, Shiftplanning, Vend, Typeform, and Zendesk from their earliest stages.

Point Nine

HIGHLINE is a Pre-Seed investor & Acceleration Platform that helps digital startups get follow-on capital, backed by leading VCs with offices in Vancouver & Toronto. We believe in providing our founders with far more than capital. Yet unlike most accelerators, we have no rigid start/end dates throughout the year. By joining the HIGHLINE family, you get to call on us for advice on an ongoing basis, gain access to our premium network and monthly founder events. We’ll do our best to help with fundraising challenges and partner with incubators to help deliver specialized programming. [Growlab Ventures](https://www.crunchbase.com/organization/growlab-ventures)  and [Extreme Startups](https://www.crunchbase.com/organization/extreme-startups)  have merged to create HIGHLINEvc as of August 2014.

HIGHLINEvc

Runa Capital is a technology-focused venture capital firm managing two funds – Runa I was launched with $135M in 2010 and has made 33 investments,  Runa II of $135M was launched in 2014 and has made 30 investmerns and Runa III was started in 2019 and is in active investment stage right now.  The fund was established to seek early stage opportunities in the rapidly growing tech sector, with the specific focus on deeptech (AI, ML, open-source), future of computing, fintech infrastructure and enterprise software. Runa brings a team with extensive operational experience and is focused on finding growth businesses that generate revenues, supporting them in the global marketplace and turning them into international champions. Founded by Ilya Zubarev, Serg Bell (founders of Parallels and Acronis) and Dmitry Chikhachev (Ericsson, Ritzio, Uvenco) Runa Capital is run by a team of successful entrepreneurs, most of whom have worked together for over 15 years. It is a united team with broad geographical and cross-industry experience, as well as an extensive professional network. Runa Capital investment team members possess an excellent track record in tech investments.

Runa Capital

Hedgewood is the personal investment vehicle of long time internet entrepreneur Jesse Rasch. It invests using proprietary capital, allowing for longer investment horizons and a broad range of asset classes. Further, as a globally minded investor, Hedgewood actively pursues and engages in a wide variety of investment opportunities in Canada, the United States, and internationally.

Hedgewood

Founded in 2015, CSC Upshot Ventures is an early-stage venture fund focusing on providing seed capital to technology companies at scale. The firm seeks to invest in companies operating in the enterprise, artificial intelligence, healthcare, Fintech, and the marketplace. In close partnership with AngelList, CSC Upshot Ventures built a new model of venture investing based on the needs of founders, investors, and startup communities.

CSC Upshot

The Heron is known for its patience, standing still until the exact right moment to strike.   Heron Rock is a physical place, a rock outside our office where a Heron often chooses to rest, when not hunting.

Heron Rock Fund

Information Venture Partners is an entrepreneur friendly, Toronto-based, early stage, venture fund focused on North American enterprise and financial technology companies.  As pioneer investors in SaaS companies, they understand the key success factors in building enterprise software, analytics platforms and the social enterprise companies.  Their 2-decades of experience with global financial institutions has also provided us a unique lens on identifying and growing financial technology companies.  The fund was founded in 2001 as RBC Venture Partners (the venture capital affiliate of Royal Bank of Canada), and in 2014, with the strong support of leading institutional limited partners, established its independence as Information Venture Partners.   Their philosophy hasn’t changed through the cycles and many fads of venture capital.  They don’t chase trends, they identify disruptive opportunities.  They exist to assist great entrepreneurs with brilliant visions solving significant and difficult problems on the road to mutual success.  They seek out the best companies in their areas of focus, in Canada and the U.S.  While they are often the first institutional investors in their companies, they actively seek  like-minded, quality co-investors equally committed to the success of their investees.  For the right opportunity, they will invest in growth stage venture-backed companies.  Information Venture Partners brings its decades of experience, expansive advisor network, proprietary tools and common sense to their investments.  They make certain that they do not manage their portfolio companies, the entrepreneurs and leadership teams they back, do.  They commit to support them as much and as often as needed; they are there for their companies.

Information Venture Partners

HarbourVest is an independent investment firm that provides innovative private equity solutions to institutional clients worldwide.  As one of the first private equity fund-of-funds, they have a long and distinguished history of investing in venture, buyout, and mezzanine and distressed markets in the U.S., Europe, Asia Pacific, and emerging markets through primary partnerships, secondary purchases, and direct investments.

HarbourVest Partners

Kensington Capital Partners Limited is a leading Canadian private equity investor, founded in 1996.  To date, Kensington has committed over $825 million to private equity investments through its private equity programs.  Institutional investors such as pension funds and professional asset managers, as well as high net-worth individuals and retail investors, hold Kensington funds in their portfolios.

Kensington Capital Partners Limited

Manulife Financial is a Canada-based financial services company with principal operations in Asia, Canada and the United States. Since welcoming its first customers in 1887, Manulife Financial has built a significant global presence by providing customers with strong, reliable, trustworthy and forward-thinking solutions for their most significant financial decisions. Manulife Financial international network of more than 84,000 employees and agents offers our clients a broad range of financial protection and wealth management products and services. We offer personal, commercial, corporate and investment banking products to millions of customers across our three operating divisions: Asia, Canada and the United States, each of which represents about one third of our overall business. Manulife Financial has a demonstrated business expertise in Asia dating back more than 100 years. Since issuing our first Asian policy in Shanghai in 1897, we have pursued strong, sustained growth and remained a leading provider of financial protection and wealth management products in Asia. We are relentlessly focused on helping Asian customers prepare for their future, and that focus drives our growth strategy and underpins our commitment to the region. Now diversified across Asia, including some of the world’s largest and fastest-growing economies, we have deep roots and an expanded operational footprint across all of this important region. We have more than 50,000 contracted agents selling our products and have expanded our distribution capabilities to include more than 100 bank partnerships and more than 500 dealers, independent agents and brokers. Learn more about our operations in Asia.

Manulife Financial

Export Development Canada (EDC) is a Crown corporation dedicated to assisting Canadian businesses of all sizes in achieving global success. It provides them with the tools they need to grow their business with confidence, including trade knowledge, financial solutions, equity, insurance, and connections.

Export Development Canada

Ten Coves Capital is a private equity firm with a focus on investments in high-growth FinTech companies. The firm was founded in 2020 by Daniel Kittredge and Steven Piaker and is headquartered in Darien, Connecticut with an office in New York.

Ten Coves Capital

Procurify

Procurify is a cloud-based procurement tool that helps businesses manage their spending. The company's platform enables businesses to access centralized purchasing management, custom approvals, budget controls, and insights to help fuel business growth, while also providing complete control and visibility of where company money is going and accountability for your entire organization.

<div>Canada-based Procurify offers a cloud-based purchasing management platform that supports the end-to-end procurement process from the creation of purchase orders and matching invoices to approvals and making payments. Procurify's modules cover purchase order management, vendor relationship building, streamlined receiving, insightful reporting, and seamless integrations with ERP and accounting systems, promoting efficiency and financial discipline. Procurify follows a subscription-based SaaS model.</div>

AI, robotics, and IoT to streamline the flow of goods and information

Logistics Tech

<div>Procurify is a Canadian company offering a cloud-based business payout and expense card management platform for SMBs. The payout management solution (dubbed Procurify Spend Management Platform) covers purchase workflows, budget tracking, and spend analytics and covers the entire procurement process from purchase orders and matching invoices to approvals and making payments (one-off and recurring). The platform can be used for cross-border vendor payments as well.</div>

Platforms, apps, and cards to keep the corporate wallet in check

Business Expense Management

Procurify CFO Scales Finance Team With Technology

<div>
 
 Canada-based Procurify offers a cloud-based purchasing management platform that supports the end-to-end procurement process from the creation of purchase orders and matching invoices to approvals and making payments. Procurify's modules cover purchase order management, vendor relationship building, streamlined receiving, insightful reporting, and seamless integrations with ERP and accounting systems, promoting efficiency and financial discipline. Procurify follows a subscription-based SaaS model.
 
 
 
 
 Key customers and partnerships
 
 
 Procurify has 100+ customers globally as of April 2024. Its customers include HyperFiber, Block Energy, Community Youth Ministries, Texas Rocket Engineering Lab, SkipTheDishes, Vow, Cabify, Atlantech, Inari Medical, and Proudfoot.&nbsp;
 
 
 
 
 The platform offers integrations with financial software such as QuickBooks, NetSuite, and Amazon Business PunchOut. 
 <a href="https://sp-edge.com/updates/23467">
 In October 2023,
 </a>
 the company also partnered with Olive Technologies, a provider of AI-based decision-making solutions, to introduce streamlined and innovative processes in vendor sourcing and procurement.
 
 
 
 
 Funding and financials
 
 
 As of August 2023, the platform managed over USD 30 billion in annual organizational spending. The company reportedly generated annual revenues of around USD 5.5 million as of July 2019, at which point it managed around USD 7 billion in annual spending.
 
 
 
 
 <a href="https://sp-edge.com/updates/22784">
 In October 2023,
 </a>
 Procurify raised USD 50 million in Series C funding led by Ten Coves Capital to expand globally, launch new payment capabilities, and enhance the AI-powered procure-to-pay experience for customers.
 
 
 
</div>

<div>
 
 Boxbot develops automated sorting and storage solutions for warehouses. The company, which previously focused on developing autonomous delivery vehicles (ADVs) for 
 <a href="https://sp-edge.com/industry/1">
 last-mile delivery automation,
 </a>
 announced the shift in focus to develop warehouse robots 
 <a href="https://sp-edge.com/updates/22292">
 in September 2023.
 </a>
 It offers intelligent 3D parcel handling conveyor systems, specifically designed to increase storage density within a smaller footprint. Its platform can store, sort, and sequence high-throughput payloads while requiring minimal physical space. The company claims the system can handle up to 4,000 parcels per hour. The system is powered by &ldquo;Boxbot OS,&rdquo; which provides advanced analytics, systems controls, and predictive maintenance features.
 
 
 Key customers and partnerships
 
 
 Boxbot was in discussions with partners and had identified several sites for testing its warehouse automation technology as of September 2023. The company has conducted pilot tests in various use cases and notes the technology can be deployed at last-mile delivery centers, bonded storage warehouses, and customer pickup locations.
 
 
 Funding and financials
 
 
 <a href="https://sp-edge.com/updates/22292">
 In September 2023,
 </a>
 Boxbot raised USD 12 million in a Series A funding round led by Playground Global to strengthen its engineering and business operations and accelerate its go-to-market approach.
 
</div>

Boxbot

Based in France, Exotec Solutions (Exotec) develops warehouse automation solutions. Its main offering “Skypod,” is an automated storage and retrieval system (ASRS) with the ability to prioritize orders by automating the movement of goods from bin storage to workstations. Skypod units are powered by autonomous mobile robot (AMR) technology and have the ability to travel at high speeds and move in 3D environments.Skypod system is supported by Exotec’s end-to-end warehouse software, “Deepsky,” which uses technologies such as Webservices, RESTful API, and nodeRed to control elements of the Skypod system. Exotec can be integrated with warehouse management and warehouse control systems and enables Skypod to be integrated with third-party automation equipment. It also collects real-time data for performance visibility.Exotec’s other warehouse solutions include “Skypicker, ” an automated picking arm that uses machine learning-based vision to pick items from the Skypod robots and place them into fulfillment containers, and “Skypath,” an API-based modular plug-and-play conveyor system. It also builds stations made up of a ramp, a screen, and scanners for smaller warehouse spaces that use Skypod robots.The company offers its products on a robotics-as-a-service (RaaS) basis and has a presence in multiple countries in the Asia-Pacific, Europe, and North America.Key customers and partnershipsAs of February 2022, Exotec served over 50 companies. Its customers include Decathlon, Carrefour, Cdiscount, Uniqlo, Gap, Monoprix, Logilec, and <a href="https://sp-edge.com/updates/26080">Lane Automotive.</a>The company also has partnerships with system integrators such as 1) <a href="https://sp-edge.com/updates/24045">Bastian Solutions </a>and Advanced Handling Systems (AHS) to deploy Skypod systems in North America for retailers such as Gap, Ariat International, and GEODIS; 2) Korea-based engineering and IT service provider POSCO DX to expand its presence in South Korea. Its other integrator partnerships include Hy-Tek Intralogistics, Bastian Solutions, Klinkhammer Intralogistics, Unitechnik Systems GmbH, A1Sorter, LAC Conveyors &amp; Automation, Dexter Intralogistics, POSCO DX, Okura Yusoki, and IHI.Funding and financialsExotec reportedly generated USD 120 million in revenue in 2021. In January 2022, the company raised USD 335 million in Series D funding led by Goldman Sachs at a valuation of USD 2 billion. The funds were earmarked for hiring 500 engineers by 2025 and continuing its expansion drive in North America.

Exotec

Berkshire Grey provides AI-powered robotic solutions for ecommerce fulfillment automaton, smart store replenishment, package sortation, and micro-fulfillment solutions, targeting retail, ecommerce, and third-party logistics (3PL). Its product portfolio includes robotic pick-and-pack solutions, robotic induction stations, robotic pick-and-sort solutions, and mobile robotic fulfillment solutions. Berkshire Grey specializes in configuring, installing, commissioning, and servicing these solutions for customers. It also provides additional professional services, such as system maintenance, system operation, and cloud-based monitoring and analytics.The company offers its product with a variety of purchase options, including outright sale and robotics-as-a-service (RaaS), which allows customers to use the offerings without incurring large, up-front capital expenses.Berkshire Grey generated revenue of US 65.9 million in 2022; however, it was yet to turn profitable, as its operating loss amounted to USD 113.8 million. The company has been listed on the Nasdaq since August 2021 via a merger with a special purpose acquisition company (SPAC), which valued the combined entity at USD 2.7 billion (February 2021). However, the company entered a definitive merger agreement with its investor SoftBank Group in March 2023, which also took the company private (transaction closed in July 2023).Key customers and partnershipsBerkshire Grey’s customers include Global 100 retailers and logistics service providers, such as Walmart, FedEx, Ceva Logistics, Target, Maersk, and Bealls.The company also has partnerships with system integrator of fulfillment and distribution solutions AHS (September 2021), technology service provider Atos (October 2021), data-driven robotic solutions provider Swisslog (March 2022), autonomous mobile robot developer Locus Robotics (January 2023), and intralogistics solution company Kardex <a href="https://sp-edge.com/updates/33225">(September 2024)</a> to expand markets by combining technologies.

Berkshire Grey

ShipBob is a cloud-based third-party logistics (3PL) platform that offers a fulfillment order platform for small and medium-sized ecommerce businesses. ShipBob's proprietary technology covers the entire fulfillment process, including order and inventory management, warehouse management, predictive data and analytics, and optimized shipping (package delivery within 1–2 business days) for ecommerce companies. The company operates as a B2B software-as-a-service (SaaS) company.ShipBob operated a network of 50+ fulfillment centers across the US, Canada, Mexico, Europe, and Australia (as of April 2024). These centers serve as storage and distribution hubs for ShipBob's customers. ShipBob also <a href="https://sp-edge.com/updates/32676">facilitates Section 321-compliant order fulfillment</a> from Canada and Mexico, which allows merchants to reduce paperwork, speed up delivery times, and save on transportation and duties for high-tariff goods shipped to US consumers.The company also provides a merchant application that enables users to monitor inventory levels and facilitates communication with the warehouses for selecting items to fulfill orders and arrange their shipment. ShipBob then integrates with various shipping companies to ensure the delivery of orders to customers.Key customers and partnershipsThe company had 7,000+ customers as of April 2024. Its customers include PetLab, Bloom Nutrition, Storelli, zBiotics, Semaine Health, Postal, Bruce Bolt, Baby Doppler, Earthley, Spikeball, Pit Viper, Oxford Healthspan, RIFRUF, Food Huggers, NutriPaw, FlutterHabit, Quadrant, Juspy, and SuperSpeed Golf.The company has integrations with multiple platforms to ensure a smooth fulfillment process. Such integrations include the following:1) Ecommerce platforms and marketplaces such as Shopify, Amazon, BigCommerce, eBay, Magneto, Squarespace, Walmart, Wix, WooCommerce, Netsuite, <a href="https://sp-edge.com/updates/22208">TikTok Shop,</a> and <a href="https://sp-edge.com/updates/30330">Adobe Commerce</a> integrations2) Ecommerce operations, inventory, and order management platforms such as Brightpearl, Birj, Cogsy, PackageBee, SPS Commerce, Zentail, Shipyard, Logicbroker, Order Desk, Fulfil.io, and Cin73) Returns management platforms such as HappyReturns, Loop returns, ReturnLogic, and Returnly4) Freight and shipping solutions such as DHL, FedEx, UPS, Flexport, Freightos, Route, Rush, Shippo, ShipStation, Anvyl, AfterShip, and Echo Global LogisticsIts other integrations include ecommerce marketing and customer support providers; custom packaging and design solutions providers; branding, marketing, and web development agencies; and accounting, tax, and financing service providers.

ShipBob

Locus Robotics develops autonomous mobile robots (AMR) for warehousing and manufacturing operations. It offers three main AMR solutions: 1) “Locus Origin,” an AMR designed for collaborative, high-volume order fulfillment; 2) “Locus Vector,” designed to handle small to medium payloads; and 3) “Locus Max,” designed for larger payloads. The AMR solutions are backed by “LocusONE,” a warehouse automation platform that uses AI and data science to deploy and manage the AMRs. LocusONE also generates real-time actionable insights to support operational decisions. The AMRs allow integration with warehouse management systems and warehouse control systems. The company also offers warehouse automation solution “LocusEmpower,” which supports a range of fulfillment types including zone-picking, discrete order picking, batch picking, and wave picking. It also offers <a href="https://sp-edge.com/updates/27481">"LocusHub,"</a> an AI/ML-powered cloud-based business intelligence engine grounded with LocusONE for advanced analytics.The company offers its products on a robotics-as-a-service (RaaS) basis. In April 2024, Locus’s AMRs achieved the landmark of completing more than 3 billion unit picks.In September 2021, Locus Robotics acquired AMR provider Waypoint Robotics, which offers AMRs that are industrial-strength with omnidirectional mobility features, enabling Locus Robotics to gain access to new market segments. Key customers and partnershipsAs of May 2023, the company had deployed its technology at 250+ locations in partnership with 100+ brands. Its global customers include Ceva Logistics, Boots, Cardinal Health, <a href="https://sp-edge.com/updates/27443">GEODIS, </a>DHL, DSV, JAS, Ryder, UniPharma, UnitedDrug, Go Retail Group, Bluegrass Supply Chain, FM Logistics, UPS, UPS Healthcare, VF Corporation, <a href="https://sp-edge.com/updates/27275">Booktopia, </a>and <a href="https://sp-edge.com/updates/27659">John Lewis &amp; Partners.</a>In <a href="https://sp-edge.com/updates/30676">June 2024</a>, Locus Robotics entered a strategic partnership with Zion Solutions Group to integrate Locus's robotic solutions with Zion's supply chain solutions.Funding and financialsAs of November 2022, the company reported having USD 100 million+ in contracted recurring revenue.In November 2022, Locus Robotics <a href="https://sp-edge.com/updates/14949?industryIds=6">raised USD 117 million </a>in Series F funding co-led by Goldman Sachs Asset Management and G2 Venture Partners, valuing the company at “close to” USD 2 billion. The funds were to be used to facilitate the company’s continued growth and further expand global operations.

Locus Robotics

Companies developing automation technology for warehouses like robots (including inventory drones), cobots, automated storage and retrieval systems (ASRS), and related software.

Include companies providing automated ecommerce fulfillment, store replenishment, and package sortation solutions.

Companies offering automated vendor evaluation and management, demand forecasting, and inventory management.

Companies that offer warehousing and ecommerce fulfillment with technology developed in-house.

Uses connected devices and sensors to gather information—mainly relevant for the visibility segment

Uses robotics solutions for warehouse operations and fulfillment

Automated fulfilment solutions and warehouse automation broadly fall under industry 4.0

<div>
 
 Procurify is a Canadian company offering a cloud-based business payout and expense card management platform for SMBs. The payout management solution (dubbed Procurify Spend Management Platform) covers purchase workflows, budget tracking, and spend analytics and covers the entire procurement process from purchase orders and matching invoices to approvals and making payments (one-off and recurring). The platform can be used for cross-border vendor payments as well.
 
 
 Procurify launched its business expense card solution in January 2022 (both physical and virtual cards). The cards also provide real-time spend insights and visibility and are offered as a free add-on to its spend management platform. 
 
 
 The platform automates expense tracking and reporting by integrating with various financial software providers, including QuickBooks, NetSuite, and Amazon Business PunchOut. Procurify offers several packages for its users, which vary based on features such as financial software integrations, API access, and number of domains. 
 
 
 Key customers and partnerships
 
 
 The company has SMB customers across over 70 countries. Its customers include Goodwill Industries, Samumed, Asana, the University of Maryland, and Goop.
 
 
 In February 2024, 
 <a href="https://sp-edge.com/updates/26780">
 Procurify partnered with Veriscape
 </a>
 , a supply chain technology provider, to introduce real-time spend visibility and control.
 
 
 Funding and financials
 
 
 <a href="https://sp-edge.com/updates/22785">
 In October 2023,
 </a>
 raised USD 50 million in a Series C funding round led by Ten Coves Capital to expand globally, launch new payment capabilities, and enhance the AI-powered procure-to-pay experience for customers.
 
 
 As of January 2022, the platform managed over USD 18 billion in annual organizational spending. The company reportedly generated annual revenues of around USD 5.5 million as of July 2019, at which point it managed around USD 7 billion in annual spending. 
 
</div>

<div>
 
 Expensify offers an app that provides a diverse range of expense and payment solutions and insights for individuals and enterprises. It offers business expense cards and reimbursement platforms with automated receipt scanning and approval workflows. Expensify also provides bill payment solutions with automated tracking, approval, and payment.&nbsp;
 
 
 
 
 Its corporate cards also offer benefits to users in the form of discounts when using several B2B platforms such as Stripe, AWS, Quickbooks, and Stack Overflow. Expensify can also be integrated with several third-party HR, tax, accounting, and travel platforms software.
 
 
 
 
 The company follows a freemium pricing model. For business expense cards, users are charged a monthly fee per card. Non-card reimbursement and business payout management platforms are subscription-based.
 
 
 <a href="https://sp-edge.com/updates/23003">
 In October 2023
 </a>
 , Expensify added a feature to its app that allows users to send and receive money, split expenses within individuals or groups, and use chat functionality, signaling the company's entry into personal finance.
 
 
 
 
 Key customers and partnerships
 
 
 
 
 As of October 2021, the platform had over 10 million end users, across several enterprises including La Trobe University, Swatch Group, Pinterest, and Atlassian. Moreover, Expensify reportedly had around 
 <a href="https://sp-edge.com/updates/23613">
 719,000 paid members
 </a>
 as of November 2023.&nbsp;
 
 
 
 
 Funding and financials
 
 
 The company&rsquo;s
 <a href="https://sp-edge.com/updates/26941">
 revenue amounted to USD 150.7 million
 </a>
 in 2023, with an adjusted EBITDA margin of 13.2%.
 
 
 
 The company&rsquo;s 
 <a href="https://sp-edge.com/updates/16593?industryIds=76">
 revenue amounted to USD 169.5 million
 </a>
 in 2022, with an adjusted EBITDA margin of 25.1%.
 
 
 
 
 The company was listed on the Nasdaq in November 2021, where it raised around USD 70 million at a USD 2.2 billion valuation. 
 
</div>

Expensify

Coupa offers a procurement and accounts payable management software that lets enterprises automate the management and settlement of payables (from invoice matching to payments) and supply chain activities. It also offers a travel and expense (T&amp;E) management platform, with embedded fraud detection, for employees to access integrated travel management solutions including travel booking, price assurance, and other traveler services.The company also operates the “Coupa App Marketplace,” a platform for business users to connect with certified solutions for supply chain, procurement, and finance functions. In March 2024, the firm introduced a number of <a href="https://sp-edge.com/updates/27258">AI-based features</a> to automate tasks, improve efficiency, and enable smarter decision-making for businesses. The firm also plans to launch Forecast Collaboration, a new solution to improve communication between buyers and suppliers by May 2024.In <a href="https://sp-edge.com/updates/33007">August 2024</a>, Coupa introduced a further series of AI-driven features such as Coupa Navi, Contract Intelligence enhancements, and the Coupa Advantage Marketplace. to help companies optimize process efficiency and improve productivity.The company raised aggregate gross proceeds of USD 153 million through an IPO in October 2016 and was listed on the Nasdaq. However, in December 2022, the company <a href="https://sp-edge.com/updates/15272?industryIds=76">entered a definitive agreement </a>(completed in February 2023) to be acquired by Thoma Bravo for USD 8 billion and be delisted from the Nasdaq. Key customers and partnershipsThe company offers its solutions to several industries, ranging from automotive and banking services, to oil and gas, and telecommunications. Its clients include several large global enterprises, including Sanofi, MGM Resorts, Salesforce, Juniper Networks, and Cooper Standard.Coupa delivers its payout solutions in partnership with several companies. Its virtual card partners include AirPlus, HSBC, Citi, and J.P. Morgan, while its payment tech providers include Stripe, Mastercard, PayPal, and TransferMate. In October 2022, <a href="https://sp-edge.com/updates/14052">Coupa partnered </a>with integration and automation solution provider, TradeCentric, to optimize the former’s procurement solutions. The company subsequently <a href="https://sp-edge.com/updates/17669">partnered with </a><a href="https://sp-edge.com/companies/59">Goldman Sachs </a>in April 2023, to leverage the latter’s payment, treasury, and banking infrastructure solution, “Transaction Banking (TxB).”In January 2024, the <a href="https://sp-edge.com/updates/25856">company partnered with Tonkean, </a>a no-code platform to develop business applications to launch “Tonkean Intake Orchestration for Coupa”, in Coupa App Marketplace, to improve intake-to-procure processes for customers.Moreover, Coupa launched an investment fund of USD 50 million in June 2021 to invest in early- and growth-stage startups in the business spend and procurement management industry. The funds first two portfolio companies were SaaS expense management platform, <a href="https://sp-edge.com/companies/408080">Zylo </a>, and procurement management platform, <a href="https://sp-edge.com/companies/152710">SourceDay </a>.

Coupa

<div>
 
 Brex offers short-term financing (including earned revenue access) and expense management solutions. The platform primarily offers cards for businesses, including business expense card and corporate cards for larger businesses. Brex issues corporate cards based on several factors such as funding raised, revenue, and cash balances, instead of relying solely on credit scores for approvals.&nbsp;
 
 
 
 
 Brex also offers an automated bill payment solution for enterprises to manage payouts. This lets users choose several payment methods (ACH, wire transfers, checks, or cards) and also integrates with accounting systems such as Quickbooks and Xero. The company subsequently launched &ldquo;Brex payables&rdquo; in August 2023, an AI-enabled AP solution (from receiving invoices to approving payment) that combined bill payment and purchase card capabilities.
 
 
 
 
 Key customers and partnerships
 
 
 
 
 Brex users span several groups, such as tech startups, venture capitalists, and ecommerce companies. Brex primarily targets SMBs, and, as of October 2021, it reportedly generated around 60% of its revenue from mid-market companies. However, the company shifted its focus away from small businesses in June 2022, to focus on startups (pre-seed and venture funded companies) and mid-to-large-sized companies. Brex laid off around 11% of its workforce in October 2022, to increase focus on the company&rsquo;s new strategy, and achieve sustainable profitability for years to come. It subsequently laid off a further 20% of its employees in January 2024 to make the company more agile and accelerate its path to profitability.
 
 
 <a href="https://sp-edge.com/updates/20254">
 Brex partnered
 </a>
 with 
 <a href="https://sp-edge.com/companies/359227">
 Airwallex
 </a>
 in July 2023, to leverage AIrwallex&rsquo;s network of 50+ global licenses, to support local currency collections for global corporate cards and employee expense reimbursements across the globe.
 
 
 
 
 In December 2023, Brex along with&nbsp; 
 <a href="https://sp-edge.com/companies/780841">
 Ramp
 </a>
 
 <a href="https://sp-edge.com/updates/25146">
 collaborated with Uber&rsquo;s enterprise arm
 </a>
 to improve expense processing efficiency by automating the receipt handling for Uber transactions while ensuring&nbsp; compliance with company policies. 
 
 
 
 
 Funding and financials
 
 
 
 
 Brex raised USD 745 million in Series D funding across two rounds in 2021 (October and April) and was valued at USD 12.3 billion as of October 2021 (up from USD 7.4 billion in April).&nbsp;
 
</div>

Brex

<div>
 
 Navan (formerly known as TripActions) offers a business and personal travel platform and pivoted to the expense management business by launching &ldquo;TripActions Liquid&rdquo; (Liquid) in early 2020. The company continues to offer a range of expense management solutions beyond just travel expense claims, including business expense cards and an employee reimbursement platform.&nbsp;
 
 
 
 
 The expense cards include physical and virtual cards with spend controls, policies and compliance, reconciliation, and custom dashboards for insights. Moreover, the cards reportedly bear zero foreign transaction fees (as of April 2022).
 
 
 
 
 The company claims that the Liquid platform reduces expense reporting hours by upto 66% and reconciliation time by 95%.&nbsp;
 
 
 
 
 Key customers and partnerships
 
 
 
 
 Navan had around 8,800 enterprise customers as of April 2022, at which point Liquid was used by over 600 companies, including Zoom, Lyft, Pinterest, and Patreon.&nbsp;
 
 
 
 Navan partnered with Visa and Mastercard in June 2023, to launch &ldquo;Navan Connect&rdquo;, a patented card-link solution that allows businesses to connect corporate cards from third parties, for expense management and reconciliations. The company planned to expand its network tie-ups in the future.&nbsp;&nbsp;&nbsp;&nbsp;
 
 
 Funding and financials
 
 
 
 The volume of transactions processed through Navan reportedly increased by 7.5x since the period between June and September 2022.
 
 
 
 In October 2022, Navan 
 <a href="https://sp-edge.com/updates/13743">
 raised USD 304 million in funding
 </a>
 , comprising a USD 154 million Series G round and a USD 150 million structured financial deal, to invest in expanding its global operations. The round valued the company at USD 9.2 billion, against its USD 7.25 billion valuation in October 2021. Moreover, the funding came just weeks after Navan reportedly
 <a href="https://sp-edge.com/updates/13440?industryIds=76">
 filed confidentially to go public
 </a>
 in Q2 2023 at a USD 12 billion valuation.&nbsp; 
 
</div>

Navan

<div>
 
 Ramp offers a comprehensive set of tools for expense and payout management. Its &ldquo;5-in-1&rdquo; software covers business expense cards, expense reimbursement platforms, and bill payment solutions (through ACH, checks, and virtual cards) and also includes automated accounting and reporting. Ramp came out of stealth in February 2020 with its business expense card offering (including physical and virtual cards) and thereafter expanded to other expense and payout solutions. The platform also offers bi-directional integration (to incorporate a contract review process into the approval workflow), dynamic intake forms, purchase order enhancements, among other features
 
 
 
 
 The platform lets users set and implement spend controls and expense policies and also helps enterprises manage their expenses through categorization, real-time reporting, and insights. Ramp claims it can enable businesses to close their books 86% faster than through traditional expense methods and reportedly reduces its users&rsquo; spending by 3.3% on average. 
 
 
 Ramp has used acquisitions as a means of inorganic growth. In June 2023, it 
 <a href="https://sp-edge.com/updates/19688">
 acquired Cohere.io
 </a>
 , to drive AI-related projects to help customers save time and money. Ramp also offers autonomous agents that concentrate on essential tasks such as expense management, fraud detection, and contract negotiations, utilizing both internal data and the broader linguistic context from GPT and the internet. In January 2024,
 <a href="https://sp-edge.com/updates/26114">
 Ramp&nbsp; acquired Venue,
 </a>
 a procurement solutions provider (primarily for large organizations) to improve employee purchase request, approval, and payment processes..
 
 
 
 
 Ramp can also be integrated with a range of third-party apps and service providers, including Amazon Business, Lyft, Corporate Traveller, Google Suite, and BambooHR.&nbsp;&nbsp;
 
 
 
 
 The company primarily generates revenue through card payment interchange fees, and was yet to generate revenue from its bill payment solution as of March 2022, despite seeing volume growth. Ramp expanded its bill payment solution in August 2022, by
 <a href="https://sp-edge.com/updates/13437">
 launching buy-now-pay-later (BNPL) solution
 </a>
 , &ldquo;Flex.&rdquo;
 
 
 
 
 Key customers and partnerships
 
 
 
 
 Although Ramp initially focused on the SMB market, the company has expanded its focus market to larger enterprises, including Ro, Avelo, and Anduril. Ramp had over 15,000 business customers as of August 2023. Based on the new customer sign-ups in June 2022 (compared to May) Ramp reported faster growth in its enterprise segment customer base - up 300%&nbsp; - than its mid market (up 50%) and SMB (up 22%) customers.&nbsp;
 
 
 
 Ramp has also invested in several expense management companies across the globe, including MENA-focussed 
 <a href="https://sp-edge.com/companies/1833119">
 Pluto
 </a>
 (February 2022) and Indian fintech 
 <a href="https://sp-edge.com/companies/947785">
 Karbon
 </a>
 .&nbsp;
 
 
 <a href="https://sp-edge.com/updates/24091">
 In November 2023,
 </a>
 Ramp collaborated with Microsoft Copilot, integrating AI for finance tasks, including card issuance and anomaly detection, reducing manual work with the&nbsp; aim of streamline finances for enhanced strategic focus.
 
 
 
 
 In December 2023, Brex along with&nbsp; 
 <a href="https://sp-edge.com/companies/780841">
 Ramp
 </a>
 
 <a href="https://sp-edge.com/updates/25146">
 collaborated with Uber&rsquo;s enterprise arm
 </a>
 to improve expense processing efficiency by automating the receipt handling for Uber transactions while ensuring&nbsp; compliance with company policies. 
 
 
 Funding and financials
 
 
 
 
 Ramp reportedly processed over USD 10 billion in accounts payable volumes annually, as of January 2024.
 
 
 
 
 In 
 <a href="https://sp-edge.com/updates/28597">
 April 2024
 </a>
 , Ramp raised USD 150 million in an extension to its series D round, at an increased valuation of 7.65 billion compared to its valuation of USD 5.8 billion in August 2023 where it raised USD 300 million in funding. The funding was allocated to expand its use of AI and to back potential acquisitions.
 
 
 
 The company 
 <a href="https://sp-edge.com/updates/21235">
 raised USD 300 million
 </a>
 in a funding round in August 2023. The funds were earmarked for accelerating expansion, product developments, and recruitment.
 
</div>

Ramp

Solutions that enable employees to avoid out-of-pocket spending on business expenses, using company-issued payment cards.

Platforms that let employees scan receipts (through OCR) and automatically submit claims to receive reimbursements with the limited involvement of admin, finance, or HR staff.

Platforms offering payout automation solutions that cover the process either entirely or partially—from vendor onboarding to making payments.

Can extract information from invoices/receipts, classify expenses, automate approval and reconciliation processes, and offer insights

Tools can usually be customized based on a user's business nature and workflows

Partner with open banking infrastructure providers to enable account-to-account payments and topping-up cards

Insights and visibility on expenses and payout processes improves transparency in business spend and reimbursements

Solutions commonly include software platforms that digitize, automate, and offer insights on expenses for businesses

<div>
 Procurify, a spend management solution for mid-market organizations, has appointed Amy Wang as the chief financial officer (CFO). Amy intends to lead Procurify's financial strategy and expansion into new markets.
 Amy Wang, with over 10 years of finance and accounting experience, has expertise in fostering financial growth for FinTech and SaaS companies. She held leadership roles at Userful and Morgan Stanley, along with playing a key role in the growth of Solium and facilitating its billion-dollar exit.
</div>

Procurify

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