Procurement software provider ORO Labs said has raised $100 million in Series C funding to expand its procurement orchestration platform as distributors, manufacturers and other large enterprises invest more in automating purchasing and supplier management.
The funding round was led by Brighton Park Capital and Growth Equity at Goldman Sachs Alternatives, with participation from existing investors Norwest Venture Partners, B Capital, XYZ Capital and Felicis, the company said.
ORO Labs develops software that connects procurement processes across multiple enterprise systems, including enterprise resource planning platforms, sourcing tools, and supplier databases. The platform is designed to help organizations manage purchase requests, approvals, sourcing workflows, and supplier onboarding through a single interface.
For distributors and other supply chain companies, procurement orchestration technology can help reduce manual purchasing tasks and provide greater visibility into supplier activity, spending, and contract compliance.
CEO and co-founder Sudhir Bhojwani said companies are looking for tools that allow procurement teams to operate more efficiently as supply chains grow more complex.
“Demand for orchestration has skyrocketed because procurement teams are under tremendous pressure to move faster,” Bhojwani said in a statement.
Founded in 2020, ORO Labs said its software is used by enterprises including Coca-Cola, Siemens Energy and Novartis, with deployments across organizations operating in more than 100 countries. The company said revenue grew 300% over the past year.
The company said it will use the new funding to expand product development, scale customer deployments, and grow its global customer base.
As part of the financing, Mike Gregoire of Brighton Park Capital and Clare Greenan of Goldman Sachs Growth Equity will join the company’s board of directors.
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