Just two months after announcing its €5M pre-seed round, Paris-based Pivot raises €20M

Paris-based Pivot, the developer of procurement software that helps companies keep their spending under control, announced on Wednesday that it has secured €20M in a Series A round of funding.

The funding comes from its long-standing backers, including Visionaries, Emblem, Anamcara, and Oliver Samwer (co-founder of Rocket Internet). 

The recent capital will enable the company to accelerate its growth and roll out its innovative P2P tool in several European countries. 

The announcement comes a couple of months after raising €5M in the pre-seed round of funding in April.

Pivot: Developing consumer-grade procurement software 

Pivot was founded in 2003 by Marc-Antoine Lacroix ((former CTO and CPO of neobank Qonto), Romain Libeau (former CMO and COO of employee benefits fintech Swile), and Estelle Giuly (engineer in workflow automation, formerly at Wave.ai and Nuxeo). 

The company offers a purchasing management solution that automates numerous tasks, optimises communication, and transforms collaboration within finance, legal, IT, and management teams.

Pivot simplifies purchasing through AI-powered interfaces for easy adoption. 

According to the company, this turnkey software solution for controlling expenses is designed to streamline the process while meeting the transparency and security requirements of finance and IT teams.

Native integration with ERPs and company tools enables implementation in just a few days without the need for an integrator.

Pivot’s solution is interoperable with various applications, including communication tools like Slack, ERP like Netsuite, solutions for SSO, and provisioning like Okta, or even Personio and BambooHR for HR data.

“The procurement market is still dominated by complex solutions created by the industry giants in the 90s. However, these tools are at odds with the expectations of today’s users, who are looking for intuitive interfaces and ready-to-use solutions. Our ambition is to provide companies with an innovative tool that will enable them to take full advantage of purchasing as a powerful driver of profitability. The trust placed in us by our customers and investors confirms that we are moving in the right direction”, says Romain Libeau, Co-founder and CEO of Pivot.

Why reinvest in Pivot so quickly? 

According to Robert Lacher, Founding Partner of Visionaries, “If we chose to reinvest in Pivot so quickly, it’s because we were impressed by the team’s execution speed, both commercially and in terms of product development.”

“We are convinced that this dynamic is a major asset for Pivot in its ambition to win the battle against the procurement giants. Pivot offers a unique response to a problem we witness in any of our LPs companies – no matter if a digital scaleup or an industrial world market leader – in a context of drastic cost-cutting. We’re looking forward to continuing this adventure alongside them,” he adds. 

Visionaries Club is a European early-stage VC fund with offices in London and Berlin backed by Europe’s most successful digital founders and family business entrepreneurs.