Today, Scout RFP, the sourcing and supplier engagement platform, announced it has raised $33M in Series C funding. Over the last twelve months, the team has seen 2x growth in annual recurring revenue and added almost 100,000 users to the platform. The round was led by Scale Venture Partners, with participation from previous investors Menlo Ventures and NewView Capital. New strategic investors, Workday Venturesand Salesforce Ventures, also participated in the round. In addition to the investment, Alex Niehenke from Scale Venture Partners will be joining Scout’s Board of Directors hrtech news.
Since its founding in 2014, Scout RFP has raised a total of $60.3M in funding to drive the company’s mission to make enterprise commerce faster, safer, and more transparent. The company has over 175 global enterprise customers, including Beam Suntory, Conagra, Gilead, VMware, Starbucks, and Zebra Technologies, with users spanning 117 countries.
Scout will use the Series C funds to accelerate the growth of sales and marketing, build product and engineering to drive innovation in the platform, and expand Scout’s presence in key verticals like financial services, pharma and biotech, manufacturing, and healthcare. Scout’s sourcing and supplier engagement platform helps procurement teams simplify complex processes, optimize contracts, and increase enterprise profitability hrtech.
“We’re thrilled to work with Alex Niehenke and the entire ScaleVP team,” said Alex Yakubovich, CEO and co-founder of Scout. “ScaleVP’s experience helping companies at our stage accelerate growth and successfully expand sales and marketing is unmatched. When combined with the finance, HR, and enterprise SaaS experience that Workday Ventures and Salesforce Ventures bring to the table, we are well-positioned to redefine the impact that our sourcing and procurement customers can have on their companies.”
“Enterprises often struggle to efficiently manage their strategic sourcing programs. Yet the incumbent procurement platforms treat sourcing as a low-value add-on,” said Alex Niehenke, Partner at Scale Venture Partners. “Scout is the clear category leader whose solution is validated by an exceptional customer list. The company’s experienced leadership, customer-first culture, and easy-to-use platform are a rare combination.”
As part of Workday Ventures’ strategic investment, Scout is joining the Workday Software Partner program and will collaborate on go-to-market and product initiatives benefiting joint customers, including integrating Scout’s strategic sourcing platform with Workday Procurement, part of the Workday Financial Management suite.
“Scout and Workday share a common commitment to deliver cutting-edge, cloud-based applications that are inherently faster to deploy and easier to use when it comes to the increasingly complex world of sourcing and supplier engagement,” said Mark Peek, managing director and co-head, Workday Ventures. “Together, we will further our focus on enabling customers to continually streamline and modernize operations across the entire source-to-settle business process.”
Building on the momentum Scout will also be hosting SPARK, their upcoming customer conference, February 26th and 27th in San Francisco.
Scout is the sourcing and supplier engagement platform trusted by procurement teams to streamline their process, manage a unified pipeline of projects, and collaborate with stakeholders and suppliers. Scout’s powerful platform manages over $20 billion in project spend, makes enterprise commerce faster and more transparent, reduces risk, and drives profitability, giving CPOs the tools they need to transform the enterprise. Over 175 global brands trust Scout to provide greater visibility across stakeholders and suppliers, measure effectiveness, and make procurement teams crazy successful. Read more on the Scout Blog or follow @scoutrfp on Twitter or LinkedIn.
About Scale Venture Partners
Scale Venture Partners (@scalevp) invests in software companies that are transforming the future of work. Investments include: Box (BOX), Chef, Cloudhealth, DataStax, Demandbase, DocuSign (DOCU), ExactTarget (ET), HubSpot (HUBS), JFrog, Lever, and WalkMe. ScaleVP partners with entrepreneurs to support accelerated growth from the first customer to market leadership. Founded in 2000, ScaleVP has over $1 billion under management and is located in Silicon Valley. For more information, visit www.scalevp.com.
About Salesforce Ventures
Salesforce is the fastest growing top five enterprise software company and the #1 CRM provider globally. Salesforce Ventures—the company’s corporate investment group—invests in the next generation of enterprise technology that extends the power of the Salesforce Customer Success Platform, helping companies connect with their customers in entirely new ways. Portfolio companies receive funding as well as access to the world’s largest cloud ecosystem and the guidance of Salesforce’s innovators and executives. With Salesforce Ventures, portfolio companies can also leverage Salesforce’s expertise in corporate philanthropy by joining Pledge 1% to make giving back part of their business model. Salesforce Ventures has invested in more than 280 enterprise cloud startups in 18 different countries since 2009.