Levelpath, a fast-growing U.S. startup specializing in procurement software, has successfully raised $55 million in Series B funding, led by Battery Ventures. This fresh capital injection supports the company’s goal to quadruple its revenue by the end of 2024.
Existing investors also participated, including Benchmark, which previously led the $14.5 million seed round, and Redpoint, which headed the $30 million Series A round in 2023.
The company was founded by Stan Garber and Alex Yakubovich, the duo behind Scout RFP, which was acquired by Workday for $540 million in 2019. After years navigating procurement inefficiencies inside Workday, the pair launched Levelpath to deliver a mobile-first, user-friendly platform built for modern enterprises.
Launching just as ChatGPT entered the market, Levelpath integrated AI capabilities from the ground up. The platform can analyze unstructured data in contracts and recommend cost-effective alternatives, enabling enterprises to reduce spend and improve efficiency.
Its client list already includes Ace Hardware, Amgen, Coupang, and SiriusXM.
Neeraj Agrawal, General Partner at Battery Ventures, led the round and joined Levelpath’s board. Agrawal previously backed Coupa, which went public in 2016 and was acquired by Thoma Bravo for $8 billion. He said of the founders:
“They have such a strong reputation for delivering product, being good people to work with, and doing what they say they’re going to do… Customers want to work with them and help them build this next-generation product.”
Procurement is the second-largest business expense after payroll, making innovation in this space both timely and necessary. According to Fortune Business Insights, the global procurement software market was worth $7.3 billion in 2023.
Despite being a newer entrant compared to players like Zip ($2.2B valuation) and Oro Labs, Levelpath is seen as a strong contender with the right team, technology, and strategic backing.
The company aims to transform procurement from a cumbersome chore into a seamless, even enjoyable experience, unlocking value for businesses worldwide.
