Oslo-based Ignite Procurement has raised $7.1 million in a Series A funding round.
As you might infer from the company name, Ignite provides procurement professionals with heaps of data, allowing them to make smarter and more sustainable decisions.
Since late 2019, Ignite has raised $11.6 million.
Keeping tabs on outgoing expenditures has always been crucial to the bottom line, but in today’s economic climate, the process of spend management is even more important.
According to the firm, since launching in 2018, the platform has been used to analyze purchases worth more than $105 billion.
With a team of 60 individuals, including those located in a recently opened office in Poland, Ignite reports an ARR increase of approximately 150 percent in the last year.
Ignite Procurement’s $7.1 million Series A round is comprised of contributions from existing investors Arkwright X, Snö Ventures, and Investinor, as well as new investors Skagerak Maturo and MP Pensjon.
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