Scout RFP Raises $33 Million to Define the Future of Strategic Sourcing and Procurement Including Investments from Scale Venture Partners and Workday Ventures
Over 175 Global Enterprises Rely on Scout to Drive Cost Savings, Collaborate with Strategic Suppliers, and Manage Key Contracts, Making Enterprise Commerce Faster, Safer, and More Transparent
Scout RFP, the sourcing and supplier engagement platform, announced it has raised $33 Million in Series C funding. Over the last twelve months, the team has seen 2x growth in annual recurring revenue and added almost 100,000 users to the platform. The round was led by Scale Venture Partners, with participation from previous investors Menlo Ventures and NewView Capital. New strategic investors, Workday Ventures and Salesforce Ventures, also participated in the round. In addition to the investment, Alex Niehenke from Scale Venture Partners will be joining Scout’s Board of Directors.
Since its founding in 2014, Scout RFP has raised a total of $60.3 Million in funding to drive the company’s mission to make enterprise commerce faster, safer, and more transparent. The company has over 175 global enterprise customers, including Beam Suntory, Conagra, Gilead, VMware, Starbucks, and Zebra Technologies, with users spanning 117 countries.
Scout will use the Series C funds to accelerate the growth of sales and marketing, build product and engineering to drive innovation in the platform, and expand Scout’s presence in key verticals like financial services, pharma and biotech, manufacturing, and healthcare. Scout’s sourcing and supplier engagement platform helps procurement teams simplify complex processes, optimize contracts, and increase enterprise profitability.
“We’re thrilled to work with Alex Niehenke and the entire ScaleVP team,” said Alex Yakubovich, CEO and co-founder of Scout. “ScaleVP’s experience helping companies at our stage accelerate growth and successfully expand sales and marketing is unmatched. When combined with the finance, HR, and enterprise SaaS experience that Workday Ventures and Salesforce Ventures bring to the table, we are well-positioned to redefine the impact that our sourcing and procurement customers can have on their companies.”
“Enterprises often struggle to efficiently manage their strategic sourcing programs. Yet the incumbent procurement platforms treat sourcing as a low-value add-on,” said Alex Niehenke, Partner at Scale Venture Partners. “Scout is the clear category leader whose solution is validated by an exceptional customer list. The company’s experienced leadership, customer-first culture, and easy-to-use platform are a rare combination.”
As part of Workday Ventures’ strategic investment, Scout is joining the Workday Software Partner program and will collaborate on go-to-market and product initiatives benefiting joint customers, including integrating Scout’s strategic sourcing platform with Workday Procurement, part of the Workday Financial Management suite.
“Scout and Workday share a common commitment to deliver cutting-edge, cloud-based applications that are inherently faster to deploy and easier to use when it comes to the increasingly complex world of sourcing and supplier engagement,” said Mark Peek, managing director and co-head, Workday Ventures. “Together, we will further our focus on enabling customers to continually streamline and modernize operations across the entire source-to-settle business process.”