Tropic Raises $25M to Make Software Procurement a One-Click Experience

SaaS Platform of Record Surpasses $250 Million in Managed Spend, Adds 60+ Customers in Last 12 Months News provided by Tropic Aug 16, 2021, 13:00 ET NEW YORK, Aug. 16, 2021 /PRNewswire/ — Tropic, the platform of record for SaaS, today confirmed $25 million in new funding from Canaan Partners, with participation from Founder Collective and Mo Koyfman’s new fund, Shine. It follows four quarters of rapid growth as Tropic’s managed spend surpassed $250 million and customer base climbed above 60 logos, including Qualtrics, Vimeo, Zapier, and Intercom, with half signing in just the last quarter. The funding solidifies Tropic’s vision for a software procurement model that saves companies money and enables their finance and procurement teams to outsource the busy work. Tropic will use the funding to expand its platform functionality to deliver more savings, streamlined workflows, and better insights while expanding its growing ecosystem of integrations into existing procurement tools. “Tropic is transforming procurement to accommodate the new world where cloud-based software powers business, as opposed to hardware, materials, and data centers,” said Hootan Rashidifard, principal from Canaan Partners. “Tropic replaces cumbersome phone calls and emails with a click-and-approve experience, enabling companies to save millions on software without…
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