WASHINGTON, Dec. 2, 2021 /PRNewswire/ -- Procurated, the nation's largest supplier ratings and review platform trusted by purchasing professionals in the state and local government and education (SLED) market, today announced that it has closed a $10M Series A financing round. This brings its total funding to $15M. The financing was led by Greycroft, with participation by Tribeca Venture Partners, TDF Ventures and Limerick Hill, LLC which previously led Procurated's seed funding round.
Procurated was launched by former Pennsylvania Chief Procurement Officer David Yarkin to solve one of the most critical challenges facing procurement professionals nationwide – the scarcity of unbiased information about suppliers' past performance. In little more than two years since launching its beta product, Procurated has collected more than 33,000 reviews of 10,000 suppliers from 8,000 verified public sector employees. Seven states have partnered with the company to give the central procurement office and end users alike visibility into the performance of prospective and current suppliers.
"Government and education buyers spend $1.5T annually on goods and services that directly impact citizens' lives," said Alan Patricof, Co-Founder and Chairman of Greycroft. "But for too long, they have lacked reliable performance data to help make informed decisions. Now, buyers from coast to coast are able to make better purchasing decisions about suppliers thanks to reviews written by trusted peers on Procurated."
Procurated's intuitive user interface allows users to write reviews in minutes and efficiently read hundreds of reviews about a supplier on their desktop or mobile device. Procurement managers can use its vendor performance management module to instantly compare the performance of suppliers on a contract and to identify areas for improvement.
Brian Hirsch, Co-Founder and Managing Partner of Tribeca, said, "It astounded me that we can read more reviews online about a restaurant or a hotel than a supplier being considered for a multimillion-dollar contract. Procurated is leading a revolution in purchasing by bringing the review-reading experience we rely on as consumers to the procurement profession."
Procurated's proprietary search and filtering capabilities allow buyers to find the exact types of suppliers that meet their organizational goals. From day one, Procurated users could search for highly rated suppliers who have been certified as small, minority, women or veteran-owned business enterprises by official certifying bodies.
"As governments and schools adopt policies making their contracting processes more equitable, their procurement teams are working overtime to identify and reach out to diverse businesses. Buyers across the country are using Procurated to quickly find small businesses who have performed well for other governments or schools in their area," said Paul Finnegan, Managing Member of Limerick Hill, LLC.
"From PPE shortages to supply chain disruptions, the procurement profession has taken center stage in national affairs. With that spotlight comes increasing scrutiny over the contracting decisions made every day in state capitols, city halls and school district offices," said Yarkin. "Through our growing community of thousands of purchasers sharing their supplier experiences, Procurated is instilling more trust and confidence in those decisions and reducing the risks of picking suppliers with spotty or unknown track records."
Procurated is the largest supplier ratings and reviews platform for the public sector. Eight thousand verified employees of state and local governments, universities and school districts have written more than 33,000 reviews on the platform, helping their peers make informed purchasing decisions. Procurated's vendor performance management software helps procurement organizations manage their current suppliers through real time data provided by internal customers. Headquartered in Washington, DC, the firm was launched in 2019 by the former Chief Procurement Officer of Pennsylvania, David Yarkin. Learn more at https://www.procurated.com/.
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