Paris-based Pivot has raised $40 million in a Series B round to automate procurement.
Founded in 2023, the startup uses AI agents to automate end-to-end procurement, including sourcing, approvals, purchasing, billing, and reporting.
Despite its size, procurement remains largely analog, with finance teams facing email chains and spreadsheets. Pivot was founded to lead the industry into the AI era. The company’s customers include DoorDash, Lemonade, and Flix.
The oversubscribed round was led by Forestay Capital and Notion Capital, with participation from procurement industry veterans including Ariba’s former VP of global sales and EcoVadis founder. Existing investors Hedosophia, Visionaries Club and Emblem also doubled down.
This brings Pivot’s total funding to $70 million.
The startup was co-founded by Marc-Antoine Lacroix, currently CEO, Romain Libeau, currently COO, and Estelle Giuly, currently CTO. The trio is familiar with the European startup ecosystem, having previously worked at Qonto, France’s Deliveroo, and Wave.ai, respectively.
Jessica Thomas, a partner at Notion Capital, calls procurement “one of the last major corporate functions still waiting to be reimagined for the AI era.”
Pivot competes with traditional procurement services like Coupa and SAP Ariba, as well as new entrants like Zip that sit on top of fragmented systems.
“Pivot’s differentiation is structural. Pivot is built from the system of record and owns a complete data layer end-to-end. That foundation allows agent AI to operate within the flow of procurement work with full context, rather than as surface-level automation built into traditional software,” said Lacroix. TFN.
The market is driven by increasing regulatory and compliance burdens around spending, vendor management, and ESG reporting, the co-founders added. Policy will drive companies towards platforms that can provide auditable real-time spend data.
“Emerging AI governance frameworks in the EU and US are also creating a demand for enterprise-grade AI built on the right data foundation, and this is influencing Pivot’s architecture,” Lacroix says.
He added that the team focuses on teams that reflect the diversity of its clients, and currently represents well over 15 nationalities. She said women make up more than half of the company’s board of directors.
“Our recruiting efforts are designed to reach a wide range of candidates in the U.S., Europe and beyond, and we plan to expand our formal diversity reporting as we grow,” said the co-founders.
Going forward, the cash will be used to acquire more customers, expand into new markets, and develop platforms for more complex enterprise environments.
