We sat down with Dani Hao , Communications, to talk about her company Procurify. This new startup out of Vancouver helps reinventing the way organizations spend. Procurify is a spend management software that empowers your team to make better more informed decisions when it comes to company spending.
Summarize your company in an elevator pitch.
Procurify is a software company based in Vancouver, BC, Canada that is helping organizations reinvent the way organizations track, manage and control spending. Procurify works and consults with growing organizations such as The Boring Company, Neuralink, Hootsuite, Samumed, Aurora Cannabis, and Cabify manage their indirect spending and purchasing processes.
Our vision is to help organizations cultivate a better spend culture through a simple-to-use software that employees actually enjoy using, and create a ‘smart spend hub’ that empowers leaders to make better financial decisions through data.
Unlike legacy solutions, ERPs and other expense tracking solutions, we believe giving the right tools and budget visibility back to employees and department leaders without sacrificing security and control, so that financial decisions can be made more proactively – as every employee has an equal say in creating the spend culture of an organization.
Who started the company? Do you / team members have tech background?
Procurify was founded in 2013 by three operations management students: Kenneth Loi (CRO), Aman Mann (CEO), and Eugene Dong (CTO). The trio were taking a course in operations management, where they had the opportunity to discover that the field of procurement is in dire need of disruption when it comes to technology.
As a school project, the trio decided to create a simple tool developed initially to help procurement managers track purchases, which became the first iteration of what Procurify became. To their surprise, the tool was well-received and implemented by a real life company who became Procurify’s first client – Asco Aerospace.
All three of Procurify’s co-founders worked in various fields before starting a business, and they had no prior tech experience. What they wanted to create was a company that cultivated an environment where everyone can reach their true potential.
How are you being financed?
We are a privately funded company. Our investors and advisors include the likes of Mark Cuban, Xero’s Jamie Sutherland, and Hootsuite’s Ryan Holmes.
We are backed by Runa Capital, Nexus Venture Partners, Point Nine Capital, BDC Capital, and Highline. We raised our $4m seed financing round in 2015, followed by a $7m series A in 2017.
What do you think will be / is a big obstacle to overcome?
When it comes to financial controls and spend management solutions, many organizations think that one-size-fits all enterprise solutions can solve all their problems under the sun.
The robust features and capabilities of legacy systems and other ERPs might be well-suited for financial reporting roles such as the controller or the CFO. However, for the people who are forced to use them to report spending and to request approvals for purchases, these spend solutions are tedious.
With long implementation timelines and hefty fees, organizations are coming to Procurify after experiencing the perils of adoption. Its product design philosophy is primarily focused on usability.
How do you go about finding good developers / IT guys for your company?
Culture is everything in Procurify – we believe in investing the time into developing personal relationships with our talent (aside from just reviewing their resume and seeing if they tick the technical boxes). This means inviting them over to the office to work on a real project, and having the whole team meet the candidate before moving them onto a technical interview.
What makes us unique is that in our office, you’ll find that our openness is a real thing. Mistakes are expected, being true to yourself is encouraged, building meaningful relationships is paramount, transparency is surprisingly commonplace, and our goal to improve people’s work lives isn’t just a catchy phrase, because it guides everything we do.
Although developers do build the heart of our product, they are given the freedom to pursue passion projects and work cross-functionally with other teams. In addition, we sponsor our team members to go to events, conferences and seminars that help bring their skills to the next level.
We foster an environment where people are given the opportunity to unlock their potential – to pursue their passions and build their dream career. Our culture is embodied in the way we work together, play together, and find a better way together one day at a time.
As part of our recruitment and employer branding, we feature one team member every week in our “Meet Us Mondays”, where we explore the daily lives and hobbies of all the amazing people who work at Procurify.