Pivot Secures $40 Million to Revolutionize Procurement with AI
Paris-based startup Pivot has successfully raised $40 million in a Series B funding round aimed at transforming procurement processes through automation.
Founded in 2023, Pivot leverages artificial intelligence to streamline the entire procurement process, which includes tasks such as sourcing, approvals, purchasing, invoicing, and reporting. Traditionally, procurement has relied on outdated methods, leaving finance teams to juggle email chains and spreadsheets. Pivot aims to modernize the industry by bringing it into the AI age and counts well-known companies like DoorDash, Lemonade, and Flix among its clients.
The latest funding round was oversubscribed and led by Forestay Capital and Notion Capital. Notable figures from the procurement sector, including former executives from Ariba and EcoVadis, also participated, alongside existing investors like Hedosophia, Visionaries Club, and Emblem. With this new round, Pivot’s total funding has reached $70 million.
The startup was co-founded by Marc-Antoine Lacroix (CEO), Romain Libeau (COO), and Estelle Giuly (CTO). All three have strong backgrounds in the European startup scene, having previously worked with companies like Qonto, Deliveroo, and Wave.ai.
Jessica Thomas, a partner at Notion Capital, described procurement as “one of the last major enterprise functions still waiting to be rebuilt for the AI era.”
Pivot faces competition from established procurement services like Coupa and SAP Ariba, as well as newer platforms like Zip, which integrates various systems. Lacroix emphasized that Pivot stands out due to its architectural design. The platform operates from a comprehensive data foundation, allowing AI to function seamlessly within the procurement process rather than simply automating legacy systems.
Lacroix noted that the rising demands for regulatory compliance in spend management and vendor relationships are pushing companies to seek out platforms that offer real-time and auditable spend data. He also mentioned that emerging AI governance frameworks in the EU and US further bolster the demand for enterprise-grade AI structured on strong data foundations, making Pivot’s architecture particularly relevant.
Furthermore, the team aims to reflect the diversity of its client base, currently representing over 15 nationalities. More than half of Pivot’s board is made up of women, and Lacroix mentioned that hiring practices focus on diverse candidate pools across the US and Europe. As the company expands, it plans to enhance its diversity reporting.
Looking ahead, Pivot intends to use its latest funding to attract more customers, expand into new markets, and enhance its platform to accommodate increasingly complex enterprise environments.
