Candex raises USD $33 million to expand global procurement platform

Candex has announced the completion of a Series C funding round, raising USD $33 million to expand its global procurement platform and further developments in vendor management for large enterprises.

The funding round was led by 9Yards Capital, with additional participation from Hedosophia and previous investors such as Goldman Sachs, Altos Ventures, Craft Ventures, NFX, and Edenred. The new investment brings the total capital raised by Candex to over USD $115 million.

Candex specialises in providing vendor management and tail spend solutions and now serves over 140 enterprise customers worldwide - almost double its customer base since the 2023 Series B round. The company reported that it expects to process more than USD $1 billion in spend on behalf of its clients this year. Its platform is operational in over 40 countries, catering to a global clientele with localised coverage.

In line with the company's planned trajectory, the proceeds from the Series C round are intended to accelerate international expansion, product advancements, and broader customer acquisition. The increased valuation associated with this funding is being interpreted as a positive indicator for Candex's growth and the market's appetite for solutions aimed at managing the complexities of enterprise procurement and supplier compliance.

"We're grateful for the trust and support our new and long-time investors have placed in us," said Jeremy Lappin, CEO and Co-founder of Candex. "Every large enterprise knows the frustration of managing thousands of small but critical suppliers. This funding lets us tackle that challenge at an even bigger scale, so our customers can stay compliant, move faster, and focus on what really drives their businesses forward."

Hunter McNabb, General Partner at 9Yards Capital, highlighted Candex's traction in solving persistent inefficiencies within procurement functions, noting the platform's capacity to scale across diverse enterprise environments.

"At 9Yards, we back foundational software companies with N-of-1 potential," said Hunter McNabb, General Partner at 9Yards Capital. "We were drawn to Candex's ability to solve one of procurement's most persistent challenges at scale. This funding supports their continued product leadership, acceleration into new markets, and commitment to operational excellence."

The Candex platform enables organisations to engage, track, and pay small and one-time vendors while also offering automation, visibility, and administrative control over procurement activities. The solution is designed to simplify the buying process for requisitioners while reducing the size of the vendor master by up to 80 percent and consolidating vendor information to enhance transparency.

Candex's offering is positioned to address operational challenges associated with so-called "tail spend" - the wide array of low-value, high-volume suppliers that can be difficult for firms to manage individually but collectively account for a significant proportion of procurement activity and compliance risk.

With its platform active in over 40 countries and trusted by multiple Global 2000 enterprises, Candex's approach to tail-spend management includes dashboard reporting and consolidated supplier data to provide a single view of procurement activities for large organisations.

9Yards Capital, which led the round, manages over USD $1 billion in assets and invests in growth-stage companies targeting global markets in procurement, financial technology, and enterprise software.