Procurated Raises $10M to Bring Supplier Peer Reviews to the Public Sector

Procurated, a procurement startup based in Washington, has secured $10 million in seed funding to change how supplier selection is done in the public and private sectors.

The funding round was led by Greycoft with participation from Tribeca Venture Partners, TDF Ventures, and Limerick Hill. This brings the total funding raised by Procurated to $12.5 million led by Lamerick Hill back in June of 2019. Alan Patricof, Co-Founder and Chairman of Greycroft, referred said about its participation in the round:

“Government and education buyers spend $1.5T annually on goods and services that directly impact citizens’ lives 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 was founded back in 2019 with the mission to help private and public organizations make informed purchasing decisions. The startup achieves this via its vendor performance management software, which allows customers to provide real-time data on its suppliers, allowing their peers to make decisions based on actionable insights. David Yarkin, Procurated’s Founder and former Pennsylvania Chief Procurement Office, said about this mission:

“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. 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.”

Despite procurement on the state and federal level surpassing the trillion-dollar mark, no peer-review platform has been developed to this date, preventing organizations from communicating effectively to improve the overall process. Having collected more than 33k reviews from more than 8k verified public sector employees, Procurated is looking to bring more transparency to the supplying process while also providing important data on its performance.