Tel Aviv-based Approve.com raises $5 million to expand cloud-based procurement platform

Approve.com, an Israeli procurement automation platform, has completed a $5 million seed round led by Aleph. The funding will be used to establish operations in the US, invest in its R&D team and grow its customer base.

Founded in 2019, the Tel Aviv-based startup has built a SaaS product that helps enterprise companies manage purchasing workflows and control overall spending. While users can create custom approval workflows, the dashboard displays requests, orders and vendor onboarding.

“Before Approve, I founded a B2B swag management platform. Within two short years, we grew the business to $2 million in sales with over 200 enterprise customers. Throughout that journey, I saw first hand the struggle legacy ERP solutions created,” says co-founder and CEO Bar Winkler. “A market in dire need of a cultural shift, we set out to build a seamless, SaaS-based platform that would ensure transparency, collaboration and efficiency, all while helping to scale enterprise companies and put them firmly on the path towards digital transformation.”

Commenting on the decision to invest, Eden Shochat of Aleph said: “Procurement is a neglected field with huge opportunity for innovation. Approve has created a tool that allows financial and procurement departments to come together, be more informed and operate in a collaborative manner ultimately resulting in significant cost savings.”

Image: Approve.com’s software

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