Pivot raises $21.6 million in Series A funding
Pivot, a French startup, is growing fast despite a slowdown in European startup investments. They raised $5.3 million earlier and developed their procurement tool. After positive client feedback, they’ve raised an additional $21.6 million in Series A funding from existing investors like Visionaries, Emblem, Anamcara, and Oliver Samwer.
Pivot is a new spend management solution claiming to outperform Oracle NetSuite and Coupa. It focuses on easy integration with your current financial and ERP systems, reducing complexity. Admins can customize Pivot without coding, simplifying purchase order workflows. Additionally, it leverages the company’s org chart to communicate through Slack or Microsoft Teams.
Pivot aims to reach a team of 50 by year-end and double in size annually for two years. They’re targeting €1 million in annual recurring revenue by 2024. Despite having just 10 clients this year, the focus is on creating a robust enterprise SaaS product, with investors eyeing future potential alongside the team’s performance.
Tools like Pivot have become essential in the current scenario where companies focus on reducing costs. Pivot provides a distinctive solution to the cost-cutting challenges observed across various companies, whether digital scale-ups or industrial market leaders.
