Billionaire Mark Cuban Invests in Vancouver’s Procurify

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Procurify, an international cloud procurement software firm headquartered in Vancouver, has closed a $1.2 million seed round led by Dallas Mavericks owner Mark Cuban, Silicon Valley-based Nexus Venture Partners and the Business Development Bank of Canada (BDC).

The already 22-person team will use the cash to continue developing new features, grow their team and increase their worldwide customer base.

“Procurify is a small, young group of entrepreneurs with a big dream,” said cofounder Aman Mann. “We are taking our platform to a global level with this investment, and working with clients ranging from small businesses to Fortune 1000 companies. Procurify is used in industry verticals that range from technology to manufacturing to service and beyond.”

The cofounder added that the company is “revolutionizing” the enterprise software space by bringing consumer-style usability, design and simplicity to business software. “We want to give people tools they love to use, to help them discover true passion and inspiration in the work that they use them for.”

Procurify essentially makes spending and purchasing easy, through budgeting and analytical reporting.

The company’s user base lives in over 40 countries, while the team has more than doubled in size to support its growth. This user base includes clients such as Hootsuite and Katz Media, which represents about 4,000 radio stations and 500 TV and digital multicast stations throughout the U.S.

“Businesses today are looking for simplicity without compromising agility,” said Nexus Venture Partners’ Ankur Jain. “Procurify takes a fresh look at procurement and makes it very simple.”

Joseph Czikk

Joseph Czikk

Joseph Czikk previously has written for the National Post, Montreal Gazette, Vancouver Sun, Regina Leader Post, Techvibes and BC Business Online. Joseph often goes crazy on twitter during NHL and NFL games.

  • Jerome Ng

    Great product with an even better team. Congrats Procurify!

  • myBestHelper

    This is another one of those stories people often describe as “overnight success”. Having seen Aman Mann, Eugene Dong and Kenneth Loi idenitfy a big idea in a big space and then work hard and reach high with dedication, passion and creativity for many days, nights, weekends – they so deserve this recognition!!! Go, team Procurify GO!