BDC backs Procurify in $7m round

Business Development Bank of Canada took part in Procurify’s series A just one year after participating in the mobile purchasing software developer’s $4m seed round.

Procurify, a Canada-based mobile purchasing software developer backed by state-owned financial institution Business Development Bank of Canada (BDC), closed a $7m series A round on Wednesday, TechCrunch has reported.

Runa Capital led the round, which was also supported by seed investors Point Nine Capital and Nexus Venture Partners.

Founded in 2012, Procurify aims to simplify the purchasing process with software that combines spending and expenses in a single platform integrated with accounting software such as QuickBooks and Netsuite as well as messaging service provider Slack. The company plans to use the money to expand its service.

BDC took part in a $4m seed round in 2015, alongside Point Nine, Nexus and Steve Johnson, former chief revenue officer at social media management platform Hootsuite, while BDC’s venture capital subsidiary BDC Capital participated in a $1.2m round in 2014, alongside Nexus and angel investor Mark Cuban, according to data from CrunchBase.

BDC also provided Procurify with a $150,000 convertible note after the startup graduated from the GrowLab accelerator in Vancouver in 2013. At its founding four years ago, Procurify raised an undisclosed sum from pre-seed venture capital firm Highline.

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