Scout RFP, which provides businesses with sourcing and procurement solutions, announced today a new round of $15.5 million led by Menlo Ventures. Existing investor New Enterprise Associates (NEA) also joined.
The software as a service (SaaS) offering integrates with existing data platforms like Salesforce or other procurement-related applications, to centralize vendor data. Businesses like Adobe, EasyJet, and Uber use Scout to make requests for proposals (RFP) — a bidding document used to procure services, direct purchases, and any other strategic pieces of the supply chain.
“There are a million moving parts within a business,” wrote Scout cofounder and CEO Alex Yakubovich, in an email to VentureBeat. “But our platform gives you insight into the viability of planned projects, enables seamless communication with potential suppliers and internal stakeholders, automatically tracks actual spend and savings against predicted costs, and allows for real-time procurement project reporting.”
Yakubovich claims to have more than 95 customers (27,000 active users) across 89 countries. According to the chief executive, Scout’s biggest competition has always been legacy RFP and sourcing tools like email and Excel. The team also has its eye on SAP Ariba, also a cloud procurement solution.
Scout RFP has raised a total of $27.25 million since its founding in 2014. The fresh injection of capital will be used to hire more engineers, expand to other markets, and further develop its eSourcing platform.
Originally founded in Cleveland, Ohio, Scout RFP is now based in San Francisco, California with more than 45 employees.