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, I don’t think you need me to tell or remind you just how critical the process of spend management is.
While rising inflation, a war in Europe, and economic uncertainty on a global scale are no laughing matter, services that help businesses cut costs can actually benefit from such situations.
“Our product is about optimising costs, so we are not as affected as others,” explained Ignite Procurement founder and CEO Sigbjørn Nome. “We stand strong when times are tougher than in times of upswing. There has been a lot of focus on top-line growth in recent years, but now our solution is coming to light.”
According to the firm, since launching in 2018, the platform has been used to analyse 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.