Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
Levelpath, a supply software startup founded by the duo behind Scout RFP, has raised $ 55 million in B -series funds led by Battery Ventures while the company is looking to quadruple its income this year.
The financing tour has also seen the participation of existing investors, notably Benchmark, which led the seed of $ 14.5 million at the level level level, and Redpoint, the main investor in the $ 30 million Round series Announced in 2023.
The startup was founded by Stan Garber and Alex Yakubovich (photo on the right), including the previous startup, Scout RFP, was acquired per day of work for $ 540 million In 2019. During their three years, Yakubovich and Garber spent working in Workday, the two identified persistent supply challenges that motivated them to build a mobile platform first and user-friendly.
The level of level level has proven to be strong; The launch of the right and the start of the chatgpt allowed the startup to integrate the capabilities of the AI since its creation. This includes the revision of unstructured data in the contracts and the recommendation of cheaper and cheaper products and services. The company now includes Ace Hardware, Amgen, COUTANG and SIRIUSXM as customers.
The investment indicates confidence in the rapid growth of Levelpath and its potential to disrupt a market dominated by inherited players. Supply software has long been controlled by obsolete suppliers like COUPA and Ariba, whose clumsy systems often push employees to bypass official processes. According to General Partner Neeraj Agarwal, these “loy” expenses using corporate credit cards lead to excessive and missed expenses for bulk reductions.
In fact, the supply represents the second expenditure of companies after payroll, which makes improvements particularly precious software. The supply software market was assessed at $ 7.3 billion per year In 2023, according to Fortune Business Insights.
Although Levelpath is a more recent and probably smaller player compared to its main competitors – including ZIP, worth 2.2 billion dollars last fall, and of Oro Labs, supported by Felicis – the company seems to have all the right ingredients, notably Agrawal, which led the investment of Battery B series and joined the level level level.
Cut, of course, has become one of the most successful supply companies of its time. He succeeded IPO in 2016 And eight years later, was deprived by the PE company Thoma Bravo for $ 8 billion.
Agrawal, which probably understands what it takes to create a large business in this category, is also impressed by Path level technology and its founders. “They have a strong reputation for delivering products, being good people with whom to work and do what they say they are going to do,” Agrawal told Techcrunch. “Customers want to work with them and help them build this new generation product.”
Yakubovich and Garber have been friends since his frequentation of high school in Ohio. They linked themselves to their common heritage as immigrants from the former Soviet Union and mutual interest in entrepreneurship. The pair has been working together for over 20 years, and their declared objective is to help customers appreciate, rather than avoiding, using supply software.
Although the supply may seem a banal commercial function, it offers a direct and important return on investment by helping businesses save money.
“It sounds the cash register because of these savings,” said Agrawal.
