Candex Secures $45M Series B Investment Led by Goldman Sachs
Candex, a leading provider of vendor management solutions, has announced a milestone in its growth journey with a $45 million Series B investment. The funding round was led by Growth Equity at Goldman Sachs Asset Management. The round was accompanied by new investor WiL (World Innovation Lab) and existing backers Altos, NFX, Craft, JP Morgan, American Express, and Edenred. This new capital brings Candex’s total raised funds to an impressive $85 million.
Goldman Sachs, utilizing its $5.2 billion growth equity fund dedicated to high-growth businesses with robust market positions, has used Candex to navigate its tail spend challenges. This strategic investment emphasizes a strengthened partnership between the two entities. Clare Greenan, a seasoned executive from Goldman Sachs, will bring her expertise to Candex’s Board of Directors. She will be providing valuable insights for the future expansion of the company.
Tackling Tail Spend Challenges
Tail Spend, constituting 90% of a company’s vendors but representing less than 10% of overall spending, poses operational and compliance challenges for large enterprises. Candex’s innovative solutions have empowered industry leaders to streamline their procure-to-pay processes. By significantly reducing vendor onboarding and payment cycles from weeks to mere minutes, Candex enables businesses to optimize efficiency.
Jeremy Lappin, CEO of Candex, expressed enthusiasm about the ongoing success and growth trajectory, stating,
“Candex has been doubling its size every year over the last four years and is on track to more than double revenues again this year. With this $45 million investment and a shared vision about how our unique offering will revolutionize the way businesses transact, Goldman is adding another clear vote of confidence in the strength and potential of our business.”
This investment underscores the remarkable potential seen by investors in Candex’s ability to serve the most demanding businesses globally. Together with existing investors, this financial backing is poised to propel global expansion and enhance product offerings.
