Afternoon Coffee: Routable raises $30M; Jaggaer looks at Biden supply chain review; PRO recap: Vroozi, Icertis & SirionLabs go head to head

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Routable, a B2B payments solution provider, secured a $30 million round of funding from a slew of high-profile investors, according to the website TechCrunch.

This latest round of funding comes eight months after its last $12 million round. Routable aims to automate bill payment and invoicing processes so businesses can scale core product offerings without worrying about payments. Since its August 2020 investment, the company has seen its revenue grow by 380% and tripled its new monthly customers, TechCrunch reported.

How do you find the right procurement technology and vendor for your company? Spend Matters’ new 5-step “Procurement Technology Buyer’s Guide” can help — with how-to documents, checklist templates and other tips.

Unlike most investments, Routable’s round of funding didn’t come from a bunch of venture capital firms. Rather, two brothers led the round — Sam Altman, CEO of OpenAI, and Jack Altman, CEO of Lattice. Flexport also participated, in addition to some angel investors like the founders of Instacart, Airbnb, Salesforce and more.

“(The Routable solution) can offer the best service by being embedded in a company’s flow of funds instead of the usual approach of just being an interface for moving money,” Sam Altman told TechCrunch.

Jaggaer shares insights on Biden supply chain executive order

We’re about halfway through President Joe Biden’s executive order for a 100-day review of US supply chains, and Jaggaer VP Roger Blumberg took a look at the first 50 days.

The exec from the source-to-pay suite vendor focuses on supplier relationship management (SRM) and supply chain resiliency.

In Blumberg’s post on LinkedIn, he reviews lessons learned from the Covid crisis, a factory fire in Japan and the disruption of the Ever Given cargo ship plugging up the Suez Canal (including a must-see GIF adapted from an “Austin Powers” spy comedy).

“You may be wondering what a crazy accident like wind grounding one of the world's largest container ships or a factory fire in Tokyo has to do with Biden’s supply chain executive order,” Blumberg writes. “The fact is that every disruption from here on out will be put under a microscope. While we can all hope that another pandemic isn’t around the corner to disrupt supply, other disruptions are a certainty.

“That’s what Biden’s order is really all about. Building long-term, lasting supply chain resiliency so that the next time a disruption comes around, whether that be a global pandemic, natural disaster, ethical violation or any other number of possibilities, the US will be ready for it.”

Spend Matters’ coverage of the executive order also has highlighted lessons to be learned. See Nancy Clinton’s article: Biden’s review of US supply chains stirs experts from the procurement world to react.

And Spend Matters analyst Pierre Mitchell also has been leading a discussion about the executive order on LinkedIn.

Spend Matters’ sister site, MetalMiner, outlined the geopolitical chess game taking place over rare earth materials.

Blumberg sums up his post with a look at the next 50 days of the executive order and offers these tips to businesses to improve their supply chain resilience:

  • Get visibility into your n-tier suppliers
  • Start doing internal audits
  • Make a crisis management playbook
  • Change your approach to supplier management

Check out his post for all the details — and that genius GIF.

Spend Matters' analysts look at Vroozi, and Icertis & SirionLabs go head to head

This week, Spend Matters PRO analyst Xavier Olivera wrote a two-part Vendor Analysis of Vroozi’s procure-to-pay solution. Also, Spend Matters analyst Nick Heinzmann compared two contract lifecycle management providers, Icertis and SirionLabs, in a head-to-head comparison based on SolutionMap Fall 2020 data.

Our PRO subscribers can read the full articles, but all readers can see the lengthy intros that frame the issues being discussed. This week:

Read more about a PRO membership.

Tech-selection tips: Spend Matters has your 5-step guide to go from diagnostic to decision for how to buy procurement technology.

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