Mergers and Acquisitions, Channel investors, Content, Venture capital

Procure IT Raises $4.8M for IT Procurement Platform

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IT procurement and management company Procure IT has raised $3.5 million in a new round of funding, bringing the company's total initial funding to $4.8 million. The company promises to combine people, processes and software to create an industry-first platform for IT procurement, spend, performance and risk management. 

The latest funding round includes investments from digital marketing and technology veterans Paul Filsinger and Giancarlo Maniaci, who also will serve as advisors to Procure IT's leadership team, the company said.

About Procure IT

Procure IT is a startup based in Carrollton, Texas. The company has 19 employees listed on LinkedIn. Procure IT offers a platform to simplify IT sourcing and expense, performance and risk management for small and medium businesses (SMBs) all they way to global enterprises, the company said.

The company has existing relationships with more than 350 IT suppliers and its own proprietary CX software platform. Procure IT advises more than 3,000 businesses nationwide, and the company claims using its platform can accelerate sourcing by 5X and reducing spending by 25%.

"We're thrilled to welcome Paul Filsinger and Giancarlo Maniaci as Procure IT investors and advisors," said Randy Jeter, Procure IT Managing Partner and former CEO of RapidScale. "Both leaders are highly experienced at building and growing forward-looking technology-powered companies by leveraging innovative product strategy and the latest advances in data-driven digital marketing. Their investments validate our vision to transform how IT is sourced and managed; their active guidance will help us achieve it."

Procure IT Growth Plans

Procure IT's managing partners, along with current and future investors, plan to raise additional capital before seeking private equity funding in 12-24 months, Jeter added.