Latest funding helps the company scale platform expansion and international growth, accelerating its purpose-built platform for Smart Procurement Workflows, agile supplier operations and an awesome procurement experience.
SAN FRANCISCO–(BUSINESS WIRE)–#FundingNews—ORO Labs, a leading global SaaS provider and creator of the world’s foremost smart workflow orchestration platform for procurement, today announced it has raised $34 million in Series B funding led by Felicis, with participation from existing investors including Norwest Venture Partners, B Capital, and XYZ Venture Capital. This latest round, which will support the company’s rapid scaling of international and platform growth, closes at the one-year milestone of ORO’s launch and the company’s November 2022 $25 million Series A, bringing total investment raised to $60 million.
ORO orchestrates company spend and supplier management across siloed systems and data to improve procurement workflows, increase visibility and make it easy for business users. The innovative platform helps companies quickly create intake workflows, build an integrated and orchestrated procurement tech stack, and dramatically simplify user engagement with purchasing throughout the organization.
“We’re on a mission to humanize the overall procurement experience, simplifying and guiding end-to-end supplier engagement for efficiency and compliance,” said Sudhir Bhojwani, CEO and co-founder at ORO Labs. “Our Series B financing is further validation, not only of our success in executing, but also the opportunities as we continue to develop and scale ORO for international expansion and a host of new use cases – bringing incredibly easy start-to-finish procurement to even more organizations for agile operations and happy employees.”
“Our 2023 CFO survey identified procurement as the top pain point for CFOs and the #1 spending priority,” said Victoria Treyger, general partner at Felicis Ventures. “ORO’s platform approach to orchestrating and simplifying workflows is driving adoption with global Fortune 1000 companies across a range of industries from financial services to pharma. Sudhir, Lalitha, and Yuan share a rare combination of deep procurement knowledge with the passion and insight to transform the category.”
ORO Labs co-founder Lalitha Rajagopalan noted, “I’m personally thrilled to have a woman investor joining the ORO board. Victoria brings keen go-to-market insight and a genuine love for procurement that will help us continue to scale our business, as well as a diverse perspective that aligns with important supplier inclusivity imperatives for our enterprise customers.”
In use by leading global Fortune 200 enterprises, ORO provides organizations with a next-generation platform that streamlines procurement and reduces supplier cycle time using workflow automation. From intake to spend control, and contract management to supplier relationships, ORO’s smart procurement workflows empower organizations to optimize efficiency and drive success.
“Coordinating a global procurement organization effectively and holistically with all stakeholders involved is a constant challenge for any enterprise,” noted Matthias Dohrn, President of Global Procurement for BASF. “ORO allows us to better do our part as procurement and orchestrate and scale thousands of value-generating procurement and business measures across the globe, understanding KPIs from a global perspective to streamline our processes, better engage employees and to generate EBIT. The low-hanging fruits are gone, and to manage thousands of improvement ideas, you need a tool to deliver – this for us is ORO.”
ORO provides organizations with:
- AI-powered procurement intake – Streamline purchases with an intuitive and simple interface purpose-built for business users. Make it easy for employees to start procurement and supplier requests and engage with the system effectively, no matter the spend category.
- Collaboration – In-context and simple collaboration on platforms like Slack and Microsoft Teams help teams make decisions and connect the right teams across regions as a purchase request progresses. Optimize the overall operations by quickly aligning teams with the right insights and information.
- Efficient procurement operations – Auto-triage requests, standardize decision steps for sourcing, legal and other stakeholders, and integrate into the appropriate buying channels. This includes efficiently creating purchase requisitions, sourcing, contract requests, and more.
- Integrated workflows across various business applications – Deliver a comprehensive view to business users, cross-functional teams, suppliers, and key stakeholders by consolidating real-time data scattered across different systems and applications.
- Audit-ready compliance through regulatory adherence – Increase the visibility of finance teams into spending and commitments with easily accessible spend data. Mitigate financial risks by making timely business decisions before resources have been consumed.
To learn more about ORO and set up a demo, visit https://www.orolabs.ai/.
About ORO Labs
ORO Labs’ mission is to make procurement simple, efficient, and human. The company’s automation platform tames and orchestrates chaotic and siloed business-critical enterprise spend by making it easy for employees to engage with procurement to start, manage and build supplier relationships. To learn how ORO is helping fast-growing global organizations quickly respond to business needs and market conditions, and why the company was recognized as an IDC Innovator for Procurement and Supply Chain, visit www.orolabs.ai.
Founded in 2006, Felicis is a venture capital firm investing in companies reinventing core markets, as well as those creating frontier technologies. Felicis focuses on early-stage investments and currently manages over $3B in capital across 9 funds. The firm is an early backer of more than 47 companies valued at $1B+. More than 100 of its portfolio companies have been acquired or gone public, including Adyen (IPO), Credit Karma (acq by Intuit), Cruise (acq by General Motors), Fitbit (IPO), Guardant Health (IPO), Meraki (acq by Cisco), Ring (acq by Amazon), and Shopify (IPO). The firm is based in Menlo Park and San Francisco in California. Learn more at felicis.com.
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