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Procurated Raises $10M To Make Every Public Purchasing Decision a Well-Informed One
Like a lot of entrepreneurs, I experienced a problem in my old job and really wanted to solve it. When I ran procurement for Pennsylvania, time and time again, we made big, multi-million dollar contracting decisions without reliable information about how the suppliers we chose had performed for other governments.
In the decade and a half after I left state government, I started and sold a procurement consulting company, had our second and third kids and saw 8 championship banners hoisted in Boston. But this unsolved problem about vendor performance continued to haunt me. Fortunately, a few years ago, I had a eureka moment. What if we could do for government purchasing what Yelp, TripAdvisor and Angie’s List did for restaurants, hotels and contractors? Could we make learning about a supplier as easy as learning about a bakery or a plumber?
Thanks to more than 8,000 public procurement professionals who wrote reviews, seven visionary states who partnered with us and twenty-five remarkable women and men who left stable jobs and took a chance by working at a tech startup called Procurated, we can emphatically say, “yes.”
And our movement to make every purchasing decision a well-informed one just got a big boost. We are thrilled to announce that Procurated just closed our $10 million Series A funding round. We are immensely fortunate to partner with venture capital firms Greycroft, who led the round, Tribeca Venture Partners and TDF Ventures, as well as our lead seed investor Limerick Hill LLC.
Just like our state partners, our employees and each of the thousands of procurement professionals who write or read reviews on the Procurated platform, these world-class investors share our vision. Like you, they know that when you can see candid feedback from your peers, you can make better decisions and avoid consequential mistakes. Like you, they see a broad movement towards more inclusive contracting and that a platform like ours will allow governments to more easily find highly rated diverse businesses. And like you know, they know every review written, every line of code typed, and every dollar invested brings our public procurement community closer to having useful supplier performance information to make every purchasing decision a well-informed one.
This will be a year of very rapid growth for Procurated and we have a lot we want to do. To accomplish it, we’ll be bringing more talented and committed people from diverse backgrounds onto our team. We’ll be hiring Ruby on Rails engineers and product designers, business development executives and entrepreneurial procurement leaders, creative marketers to tell our story and data analysts to make our data actionable for users who increasingly rely on it.
Published on Dec 01, 2021