Former Qonto and Swile executives' startup Pivot raises €20M for European expansion

Paris-based startup Pivot raises €20 million in Series A funding to boost its growth and expand in Europe. The procurement automation firm offers a unique solution to optimise procurement management.
Former Qonto and Swile executives' startup Pivot raises €20M for European expansion

Parisian procurement automation startup Pivot has today announced the raise of €20 million in a Series A funding round. Founded by former Qonto and Swile  C-suite executives, Pivot intends to use the investment to further accelerate its growth trajectory and continue European market expansion.

If the name Pivot and procurement are ringing any bells, you’ll be correct in recalling that the company announced a €5 million Pre-Seed funding round just 72 days prior.

The company’s Series A round was provided by existing backers including Visionaries, Emblem, Anamcara, and Rocket Internet co-founder Oliver Samwer.

Visionaries founding partner Robert Lachner shares:

“If we chose to reinvest in Pivot so quickly, it's because we were impressed by the team's speed of execution, both commercially and in terms of product development. 

“We are convinced that this dynamic is a major asset for Pivot in its ambition to win the battle against the procurement giants. Pivot offers a unique response to a problem we witness in any of our LPs companies — no matter if a digital scaleup or an industrial world market leader - in a context of drastic cost-cutting.”

Pivot is a full-service spend control software designed for procurement teams. 

Native integrations with ERPs such as Netsuite and company tools like Slack, Otka, Personio, and BambooHR allow implementation in just a few days without an integrator. Intuitive interfaces foster employee adoption, avoiding the need for training.

For finance, legal, compliance, and security teams, Pivot offers automations that dramatically reduce manual work and endless email threads.

Optimising procurement management has become crucial for companies seeking to maximise their profitability.

However, the procurement sector is still dominated by old-fashioned tools, designed almost twenty years ago, whose over-multiplication of features results in counter-productive complexity. This leads to an implementation period averaging 9 months, requiring onerous intervention by integrators.

On the investment and Pivot’s plans, co-founder Romain Libeau commented:

“Our ambition is to provide companies with an innovative tool that will enable them to take full advantage of purchasing as a powerful driver of profitability. The trust placed in us by our customers and investors confirms that we are moving in the right direction"

Lead image: Pivot founders Romain Libeau, Marc-Antoine Lacroix, and Estelle Giuly (left to right). Photo: CYVES

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