Scout RFP, the US-based developer of a sourcing platform for businesses, secured $33m on Tuesday in a series C round backed by enterprise software producers Workday and Salesforce.
Venture capital firm Scale Venture Partners led the round, which included contributions from Menlo Ventures and NewView Capital, while the corporates invested through subsidiaries Workday Ventures and Salesforce Ventures.
Founded in 2014, Scout provides software that enables an organisation to manage the goods procurement process more efficiently and interact with suppliers more easily.
The company will put the funds into growing its product, engineering, sales and marketing teams as it seeks to build out its activities in the financial services, manufacturing, healthcare and pharmaceutical industries.
Alex Niehenke, a partner at Scale Venture Partners, will join the board of directors at Scout in connection with the round, which the company said increased its funding to $60.3m altogether. Scout will also join Workday’s Software Partner initiative as part of a collaboration agreement.
Mark Peek, managing director of Workday Ventures, said: “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.
“Together, we will further our focus on enabling customers to continually streamline and modernise operations across the entire source-to-settle business process.”
Scout’s earlier investors include GV, the subsidiary of internet and technology group Alphabet formerly known as Google Ventures, which took part in its $2.8m seed round in 2015 alongside New Enterprise Associates (NEA), Zapis Capital and various angel investors.
NEA added $9m in series A funding for the company the following year and returned for its $15.5m series B round, which was led by Menlo Ventures in mid-2017.
Image courtesy of Scout RFP Inc.
