CoProcure raises a $2.4M seed round to build search for shareable public contracts
With deep gratitude, we’re pleased to announce that CoProcure has raised an additional $2.4M in seed funding. This round was led by Neo and joined by existing investor Leadout Capital, as well as several strategic angel investors. This additional capital will ensure that during these turbulent times we can stay laser-focused on our goal of building search for shareable public contracts.
We created CoProcure because we believe that public procurement is one of most powerful levers for improving lives at scale.
In the last few months, procurement hasn’t just been about improving lives; it’s been about protecting them. In the face of a global pandemic, public agencies across the country have raced to equip essential workers with personal protective equipment and other critical supplies.
CoProcure has been proud to serve state and local governments across the country during the crisis by matching available products and services to communities where they are needed most. During this time, we’ve seen a more than 300% increase in users, who now use CoProcure from all fifty states. We’ve also doubled the size of our team.
Our mission remains the same: we’re building search for shareable public contracts to enable more transparent, efficient, and inclusive public purchasing. Tracking down the information to make a better buying decision shouldn’t require dozens of phone calls, emails, or separate web searches. It should be a Google-like search experience: easy, fast, and free. By leveraging technology to aggregate, organize and surface relevant shareable public contracts, CoProcure helps to optimize procurement processes and reduce the associated costs of buying and selling in the $1.5 trillion-dollar local government procurement industry. With better information, government buyers can also increase the diversity of businesses working with governments and enable better outcomes for taxpayers.
Still, we approach this mission with a new sense of urgency. The Coronavirus pandemic has irrevocably changed public purchasing: government budgets already feel increased strain to serve their communities and community members will continue to depend even more critically on government services. Businesses are counting on government customers as the private sector recovers. CoProcure has an important role to play in helping communities with limited resources work together to respond to these challenges and rebuild.
If you share our excitement about a future in which public purchasing is more open, efficient, and inclusive, we hope you’ll join us.