BuyerQuest, a Cleveland, OH-based provider of procure-to-pay software solutions, secured $7m in funding.
The round was led by Argentum with participation from First Analysis. In conjunction with the funding, Daniel Raynor, co-founder and managing partner of Argentum, joined BuyerQuest’s board of directors.
The company intends to use the funds to further expand its software suite (with increased investment in its downstream capabilities including B2B payments, early payment discounts, and BuyerQuest’s no-fee Supplier Network) and to broaden its geographic presence.
Led by Jack Mulloy, Chief Executive Officer, BuyerQuest provides cloud-based enterprise Procure-to-Pay software solutions to procurement and accounts payable organizations featuring administration tools to operationalize their contracts and drive compliance as well as advanced intelligence capabilities.
The customer base now includes 7 of the Fortune 100 companies as enterprise customers and over 100,000 active end-users executing millions of procurement transactions.