LOS ANGELES--(BUSINESS WIRE)--Vroozi, a global, cloud-based B2B procurement company, announced today that it has raised $4 million in growth equity. The investment was led by Southern California based private equity firm Ally Holdings.
This round of funding resulted after a strong year of performance in 2015. During that time, the company doubled its workforce and revenue and expanded to a larger headquarters in Los Angeles. Vroozi has also attracted a number of key personnel from leading ERP and software companies in sales and product development.
“Vroozi continues to grow its top line by more than 100 percent and this additional investment enables Vroozi to further accelerate its rapid expansion and to set another record year of growth,” said Steve Olds, CEO of Vroozi.
Ally Holdings and other stakeholders saw how Vroozi’s growth and dedication to creating user-friendly solutions has impacted organizations across many industries. This wide appeal was an indication of the company’s ability to provide a valuable SaaS platform and continue to scale the business.
“The global demand for Vroozi's platform is growing exponentially. In the last 12 months, we saw mid-market companies to Fortune 500 enterprises across different industries becoming Vroozi customers,” said Steve Olds. “Nothing says more about happy customers than happy employees using the tool. We are excited to partner with Ally in this growth journey.”
The funds will be used to grow the sales organization in the United States and Europe and expand innovation and development of the Vroozi platform around new areas including Analytics, Artificial Intelligence, and Payables Management.
Vroozi continues to drive procurement innovation with laser-focus on making procurement extremely easy to use and available for all. To this end, Vroozi will be releasing their self-service platform within the third quarter of 2016 to allow companies to connect with suppliers and run multiple procurement scenarios across any device. In 2015, CIO Review named Vroozi as one of the Top 20 Most Promising Procurement Solutions. Spend Matters also selected Vroozi as one of the top 50 Providers to Watch in 2015 and 2016.
Vroozi® is a cloud-based enterprise procurement software vendor based out of Southern California with customers globally in their localized languages. Vroozi customers range from Fortune 1000 companies to privately held enterprises across many industries – entertainment, healthcare, technology, manufacturing, defense and services. Vroozi platform features include complete mobile-enabled procure-to-pay functionality, catalog content and supplier management, master data management, workflow approval, and integration with other financial systems. For more information, visit www.vroozi.com or call 866-509-5045. Visit the Vroozi at www.vroozi.com and join our conversations on LinkedIn and Twitter.