Startups Venture Raises $5M Seed To Enter US Market

Procurement automation platform secured a $5 million seed round, led by Aleph, that will help the Israel-based company enter the U.S. market, according to the company.

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Enterprises see procurement as a vehicle for digital transformation, according to Bar Winkler, co-founder and CEO of Approve, who answered questions via email. Approve’s software-as-a-service platform provides tools to automate purchasing workflows, manage vendor interactions and gain insights into company spend, thus increasing operational efficiency and cost savings, he added.

Including the new funding, Approve has raised a total of $5.25 million, Winkler said. That includes a $700,000 pre-seed round last year, according to Crunchbase data. The funding will be used to enter the U.S. market, build out its sales and marketing team, and focus on product innovation and research and development, he said.

In terms of growth, the company does not disclose revenue figures, but Winkler said its first year saw user actions grow by 100 percent month-over-month.

“In the first half of 2020, Approve saw 800 percent customer growth and more than doubled company headcount,” he added.

Next up, Approve will be working on evolving the product to meet demand and will be scoping out where in the U.S. it would like to open offices, Winkler said.

Illustration: Li-Anne Dias

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