The procurement software market, valued at $6.15 billion in 2021, is crowded with competitors like Zip, Ramp, Focal Point, Keelvar, and Tropic. However, Levelpath differentiates itself with a mobile-first interface and a focus on creating an enjoyable user experience to maximize adoption. The company already has several enterprise customers, including Ace Hardware, Qualtrics, and Innovacare, and plans to use its latest funding for product development and research.
Key takeaways:
- Stan Garber and Alex Yakubovich, founders of Scout RFP, have launched Levelpath, a software-as-a-service platform designed to manage various enterprise procurement services.
- Levelpath recently raised $30 million in a Series A funding round, bringing the startup's total raised to $44.5 million.
- The platform differentiates itself with a mobile-first interface and the use of AI to provide actionable insights and adjust the procurement experience based on purchasing and workflow habits of employees.
- Despite competition in the procurement software market, Levelpath already has several enterprise customers and plans to commence a broader go-to-market strategy in 2024.