Pivot, a Paris-based startup that builds procurement software for large companies, has raised $40 million in a Series B funding round. The company was co-founded in 2023 by Marc-Antoine Lacroix, formerly CTO and then CPO at French neobank Qonto; Romain Libeau, who held successive roles as CMO, COO, and CPO at employee benefits startup Swile; and Estelle Giuly, a workflow automation engineer previously at Wave.ai. Their starting point was a shared frustration: that enterprise procurement had not meaningfully improved in years, and that layering new tools on top of old systems was not going to change that.
Procurement software is a growing market. According to Mordor Intelligence, the sector is projected to expand from around $9.8 billion in 2025 to over $17 billion by 2031, with much of that growth tied to demand for automation and real-time spend visibility. The commercial opportunity is clear. The operational reality, however, is that most large organizations still manage purchasing through a patchwork of email threads, spreadsheets, and manual approval processes. Finance teams often have no reliable picture of what the business has committed to spending until well after those commitments are made. Existing platforms have long promised to fix this. Most have not.
Pivot closed a $40 million oversubscribed Series B, bringing its total funding since founding to $70 million. Forestay Capital and Notion Capital led the round, joined by Greyhound and several procurement industry veterans, including the former Global VP Sales at Ariba and the founder of EcoVadis. Existing backers Hedosophia, Visionaries Club, and Emblem also participated.
The problems with enterprise procurement are structural, not cosmetic. Older platforms such as SAP Ariba and Coupa were built for a different era of enterprise computing. They tend to require lengthy implementations, generate significant administrative work, and sit on rigid architectures that are hard to connect with newer systems. A more recent generation of tools has improved the experience at the point of purchase request, but those products typically leave the underlying data architecture intact, which means the same disconnections persist further down the process.
AI has not solved this either, at least not yet. When AI features are added on top of fragmented data, they inherit the same problems. Automation without clean, structured information tends to produce unreliable results, which is why many enterprise AI deployments in procurement have delivered less than expected.
Pivot's approach starts with the data layer. Rather than sitting on top of existing systems, the platform manages the entire procurement cycle in one place: sourcing, approvals, purchasing, invoicing, payments, budgets, expenses, and reporting. It connects directly to ERP systems in real time, which is meant to give finance teams accurate visibility into committed spend as it happens, not after the fact. The company currently processes $3 billion in invoices annually and operates in more than 25 countries, with customers including DoorDash, Lemonade, and Flix.
"Enterprise procurement has been overdue for a generational shift. Pivot is among the rare companies building an agentic AI‑first platform, with the architecture, customer traction, and timing to define this category for the next decade. We are proud to be backing such a strong and visionary founding team as they reshape how enterprises run procurement." — Deborah Pittet, Partner, Forestay Capital
The funding will go toward developing Pivot's AI capabilities further, entering new enterprise markets, and building deeper integrations with the ERP and financial systems that large companies already use. The US market is the stated near-term priority, a market where procurement software has historically been dominated by legacy vendors and where demand for alternatives is increasing.
The core product goal is straightforward. Finance and procurement teams need to know what the company is about to spend before those commitments become a problem to untangle at the end of the month. Pivot's AI workflows are built to handle routine tasks automatically, so the people using the system can focus on higher-value decisions.
"Finance and procurement leaders tell us the same thing: they don't need another workflow layer. They need to know what the business is committing to spend before it becomes a problem at close. Pivot gives enterprises that visibility, reinforced by agentic AI that shifts the manual grind from a human burden to a machine burden. This funding lets us bring that approach to more customers, more markets, and more complex enterprise environments." — Marc-Antoine Lacroix, Co-Founder, Pivot
Pivot is headquartered in Paris and also has offices in New York, London, Berlin, São Paulo, and Tel Aviv. Each of its three founders came to the company with experience building financial and operational software at scale. Lacroix had spent years in product leadership at Qonto. Libeau joined Swile as one of its earliest employees and worked across marketing, operations, and product. Giuly's background was in workflow automation engineering. That combination shaped how the product was built: with a focus on making it fast to implement and practical to use across complex organizational structures.
In practice, the platform covers vendor onboarding, sourcing, purchase orders, invoice processing, and budget tracking in a single connected system. DoorDash, for example, uses Pivot to support its European entity and for intake and vendor onboarding workflows. Pivot has been listed in the ProcureTech100 for 2025 and 2026, included in Sifted's Future 50 ranking of Europe's fastest-growing startups, and recognized as a top-nine leader on Spend Matters' 2025 SolutionMap.
Pivot's funding history moves quickly for a three-year-old company. It raised a €5 million pre-seed from Visionaries Club, Emblem, and Cocoa in mid-2023, followed by a $21.6 million seed round in December of the same year. The Series B takes total funding to $70 million.
Forestay Capital, which led the round alongside Notion Capital, is based in London and Geneva and focuses on enterprise AI companies. It is part of B-FLEXION, a private investment firm chaired by Ernesto Bertarelli. Notion Capital manages over $1 billion in assets and has backed more than 100 business software companies, including Currencycloud, GoCardless, and Mews. The round also drew in sector veterans with direct procurement experience, a detail that reflects where Pivot is positioning itself in the market.
"Procurement is one of the last major enterprise functions still waiting to be rebuilt for the AI era. The category is dominated by legacy solutions that rely on cumbersome manual processes. Pivot is the only player reimagining it from the system-of-record up to serve agentic workflows. Owning the data layer end-to-end is what lets agentic AI operate inside the flow of procurement work with complete context."— Jessica Thomas, Partner, Notion Capital
