Topics
recent
AI
Amazon
Image Credits:Pivot
Apps
Biotech & Health
Climate
Image Credits:Pivot
Cloud Computing
Commerce
Crypto
Image Credits:Pivot
endeavor
EVs
Fintech
fund raise
gadget
game
Government & Policy
Hardware
Layoffs
Media & Entertainment
Meta
Microsoft
Privacy
Robotics
Security
societal
Space
Startups
TikTok
transport
Venture
More from TechCrunch
Events
Startup Battlefield
StrictlyVC
Podcasts
TV
Partner Content
TechCrunch Brand Studio
Crunchboard
Contact Us
French startupPivotis an interesting startup story as it is scaling at a rapid tread even thoughstartup investments are down in Europe . After raising a $ 5.3 million pre - seed round in April ( € 5 million ) , the company worked on the first iteration of its procurement tool over the summer .
In September , Pivot started selling its software solution to its first node . And feedback has been so majuscule that Pivot is raise another $ 21.6 million ( € 20 million ) in a fresh Series A round from its existing investor — and in fussy Visionaries , Emblem , Anamcara and Oliver Samwer .
I already write a lengthy verbal description of Pivot , so I also further you to readmy late article on the inauguration . But in scant , Pivot is a modern spend management root that supposedly works intimately than Oracle NetSuite ’s procural component or Coupa .
Instead of relying on drawn-out desegregation process , Pivot integrates with your existing financial quite a little as much as possible as well as your ERP . After that , admins can configure Pivot to their needs so that it is n’t too complicated to apply . This way , purchase order forms are loose to understand for employees as well .
It means that Pivot has a no - code user interface to build national work flow for leverage order . For instance , if the toll is above a certain doorway , it can trigger substantiation rule . Pivot can also utilize the company ’s org chart to ping other employees in Slack or Microsoft Teams .
Once everything is in Pivot , finance teams can sanction or deny purchase and see the overall picture . Other team can also keep track of their budgets to see if they ’re overspending ( or underspending ) . Everything is synchronized with your ERP , which stay the individual origin of Sojourner Truth for vendors and bill .
The cause a tool like Pivot induce sentiency in the current environment is that companies are look at ways to disregard costs . “ Pivot offer a unequaled reply to a problem we witness in any of our LPs companies – no matter if a digital scaleup or an industrial world grocery loss leader – in a context of drastic cost - cutting , ” Visionaries establish mate Robert Lacher said in a statement .
Join us at TechCrunch Sessions: AI
Exhibit at TechCrunch Sessions: AI
Change of plan
“ We had n’t plan to raise so quickly , and we still have most of the fund from the initial round . With another € 20 million in the bank , we can transfer the architectural plan and be much more challenging on enlisting to make the imaginativeness of our merchandise and get known faster . It was our velocity of execution of instrument that convert the investors to do this round so apace , ” Pivot co - founder and CEO Romain Libeau tell me in an e-mail .
Pivot co - founder are used to operate in big technical school society so they know what they ’re supposed to do with this young financial support . The inauguration ’s CEO was one of the first employee at Swile and more recently play as the chief product officer for the French unicorn . Marc - Antoine Lacroix previously do work for Qonto as CTO and then CPO . Finally , Estelle Giuly worked as an engineer for several enterprise companies and for Wave.ai .
Pivot already design to produce to a team of 50 people by the ending of the year — and then it want to double in size every twelvemonth for the next two days . “ We ’ve set ourselves a quarry of € 1 million in [ yearly resort revenue ] over the course of 2024 — as soon as possible , ” Libeau say .
For now , the companionship plans to end the twelvemonth with 10 client . It does n’t seem like that many customers , but Pivot is building an enterprise SaaS product . And investor are potential building on the next potential as much as the team ’s track record .
