Today: Apr 16, 2024

Pivot, by ex-Qonto and Swile execs, nets €20M for Euro growth.

4 months ago

Pivot, a procurement automation start-up based in Paris, has secured €20 million in a series A funding round. Founded by former executives from Qonto and Swile, Pivot plans to use the investment to accelerate growth and continue its European market expansion. The funding comes shortly after a pre-seed funding round worth €5 million took place 72 days prior. The company’s series A round was financed by existing backers, including Visionaries, Emblem, Anamcara, and Oliver Samwer, a co-founder of Rocket Internet.

  • Pivot offers a full-service spend control software designed for procurement teams.
  • It has native integrations with ERPs such as Netsuite and company tools like Slack, Otka, Personio, and BambooHR, allowing implementation within a few days.
  • Pivot aims to minimise inefficiency in procurement management, which has become crucial for companies looking to maximise profitability.

Pivot aims to replace outdated tools prevalent in the procurement sector with its more efficient and contemporary solution. Traditional procurement tools are often characterized by their complexity due to an overabundance of features. This complexity often results in implementation periods of around nine months and requires resource-intensive intervention by integrators.

Regarding the investment and company plans, Romain Libeau, co-founder of Pivot, 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.”