Afternoon Coffee: Procurify raises $20 million; U.S.-Iran tension hurts ExxonMobil’s Iraq deal; Walmart wants autonomous vehicles for ‘middle mile’

Procurify, a cloud-based spend management vendor based in Canada, raised $20 million in a Series B funding round and said in an announcement that it plans to grow its team and expand into global markets.

The investors include Information Venture Partners, Runa Capital, HarbourVest Partners, Manulife and BC Tech Fund, the announcement said.

Procurify CEO Aman Mann, who co-founded the company, said the funding will help it meet businesses’ changing needs.

"The way organizations are managing their spend has evolved and changed throughout the years, and the landscape of business tools need to keep up with that evolution,” Mann said in the announcement. “We are so grateful to embrace the next stage of Procurify, and to have some of the top investors and leaders in the U.S. and Canada believe and support our mission of reinventing the way organizations spend, to transform the spend cultures of businesses around the world for the better."

Procurify, which reports that it has more than $7 billion of client spend management passing through its platform annually, said it’s developing a prepaid card program.

Recent Spend Matters’ coverage by analyst Xavier Olivera looked at Procurify’s solution, addressed its strengths and weaknesses, and analyzed its market position.

Part 1 of our subscription PRO brief said Procurify is a “P2P solution with a focus on simplicity, fast deployment and high adoption across a business. Similar to other e-procurement solutions, there are five modules: Request, Approve, Purchase, Receive and Pay. Procurify also offers a marketplace, called Procurify Exchange (PEx), through which buyers and suppliers can collaborate on a request for quote process, giving the solution a touch of e-sourcing capability.”

Part 2 said Procurify “is filling a market need for Nimble e-procurement solutions, the category of Spend Matters’ SolutionMap where Procurify’s solution fits. With 400 customers and 25,000 active users, Procurify is offering real value to an underserved slice of the e-procurement market, small and mid-size businesses.”

Part 3 — which focused on how Procurify fits in the market with competitors like Coupa, BuyerQuest, Vroozi and Zycus — said: “Procurify competes in an e-procurement market where competitors are being bought up, but market control is fragmented. Given its SMB focus and Nimble persona sweet spot, however, Procurify’s chances in solution selections may come down to comparing it against competitors that can do fast implementations and lower their costs to fit Nimble organization requirements.”

Contract bickering, Iran tensions hit Exxon's Iraq deal

A combination of contractual disagreements and the increasing tension between the US and Iran has stymied ExxonMobil US $53 billion project in Iraq, news agency Reuters reports exclusively.

Quoting four unnamed Iraqi government officials, the report said Iraq had objected to some of the terms of the contract.

Autonomous vehicles could cut costs for Walmart

Bloomberg reports that autonomous vehicles (AVs) operating in the "middle mile" between Walmart warehouses and nearby package pickup kiosks could cut logistics costs in half for such orders for the retailer.

Walmart U.S. CEO Greg Foran told reporters recently that self-driving vehicles were a "no brainer." A Walmart spokesperson told Supply Chain Dive that the U.S. was still some time away from allowing AVs on highways and that Walmart’s private fleet remained a crucial component in its supply chain.

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