Insider Brief
- Levelpath, a procurement platform, has successfully raised $44.5 million in funding, comprising a $14.5 million seed round led by Benchmark and a $30 million Series A led by Redpoint Ventures.
- The company was founded by Alex Yakubovich and Stan Garber, former founders of Scout RFP, with a mission to simplify and improve procurement processes using AI at its core.
- Levelpath’s user-friendly platform, already adopted by companies like Qualtrics and Innovacare Health, streamlines procurement workflows, enhances transparency and provides valuable insights to help organizations save up to 60% of their budget through efficient procurement practices.
PRESS RELEASE — SAN FRANCISCO/Sept. 18, 2023 /PRNewswire/ — Levelpath, a platform powering delightful procurement, today announced it has raised $44.5M from a $14.5M Benchmark-led seed round and a $30M Series A led by Redpoint Ventures. Alex Bard, managing director at Redpoint Ventures, and Chetan Puttagunta, general partner at Benchmark, will join Levelpath’s’ board of directors. Additional investors include NewView Capital, World Innovation Lab (WiL), and Menlo Ventures.
Levelpath was founded by CEO Alex Yakubovich and President Stan Garber, former founders of Scout RFP, now a Workday company, following its 2019 acquisition. After revolutionizing the request for proposals (RFP) process, creating Levelpath is a natural next step for both cofounders’ journey to remove the burden of siloed, time-consuming procurement processes.
“Alex and Stan have a bold, customer-focused vision to bring innovation to procurement management by building with a foundation in AI,” said Puttagunta. “Procurement is a unique function in that every employee in a company will interact with procurement, and Levelpath will transform that interaction with a modern, mobile-driven experience.”
“After Scout RFP was acquired by one of the largest enterprise companies in the world, we became procurement customers ourselves and ran into everyday pain points that most employees experience, Yakubovich. “Whether it was getting documents signed, purchasing promotional materials for an event, or adding a new software seat, we immediately realized these speed bumps were universal to every business, and we wanted to solve them. Most procurement software isn’t developed with the end user in mind, so we made it our mission to always use the end-user experience as our north star for our simple mission, Delightful Procurement.”
Levelpath offers an intuitive and simple workflow for employees engaging with the procurement team, customized to meet each company’s compliance and procurement parameters. Levelpath simplifies processes that involve weeks-long email chains or Slack threads with upwards of ten separate stakeholders into just a few clicks.
Levelpath is built with AI at its core, giving users actionable insights into their vendors, such as calling out service provider redundancies before purchasing. Levelpath can offer granular data points across vendors, breaking down a list of the same type of product provided by multiple vendors within a company’s procurement system, allowing businesses to make more informed decisions and save money. Recent reports have indicated organizations can save up to 60% of their budget by streamlining these workflows.
“We’re thrilled by Levelpath’s opportunity to revolutionize procurement,” said Bard. “The platform’s focus on a delightful user experience has rapidly attracted leading global brands. With its native foundation in AI, mobile technology, and extensibility, Levelpath delivers an unmatched end-to-end solution. We’re confident that its growth potential is boundless.”
Users at many major companies, such as Qualtrics, Innovacare Health, and more, are already enjoying Levelpath.
“Levelpath uniquely tackles a problem for the procurement industry while looping end-users and collaborators into the procurement process all in one place,” said Rendi Miller, head of global procurement at Qualtrics. “At Qualtrics, Levelpath has been an instrumental time saver for my team, consolidating data that lived across numerous spreadsheets and needed consistent updating into a single platform. Additionally, Levelpath brings ease to collaboration by providing unprecedented transparency and visibility into the procurement process, tracking each contract or purchase request’s status within the process along with who is responsible for each step. Overall, this product is a game-changer for productivity, visibility, and organization across the procurement industry.”
Following this fundraise, Levelpath will use the funds to continue growing the team and innovating new product developments that will further the company’s mission of creating a modern and delightful world of procurement.
About Levelpath:
Levelpath is a next-gen procurement platform that aims to make procurement delightful. Our mobile-first approach maps the process for everyone to easily find where they need to go while streamlining workflows and approvals for enterprises of all sizes. Levelpath delights companies such as Qualtrics, Innovacare Health, and more, and it is backed by Redpoint Ventures, Benchmark, NewView Capital, World Innovation Lab (WiL), and Menlo Ventures.
SOURCE Levelpath, Inc.
