Bonfire, a Waterloo, ON-based provider of sourcing enablement software, raised $11m in financing.
The round was led by Battery Ventures with participation from existing investors Crosslink Capital and Spider Capital. In conjunction with the funding, Battery Ventures’ General Partner Michael Brown will join Bonfire’s board of directors.
The company, which recently closed an $8m Series A round and previously raised $3m in seed financing, will use the funds to expand its sales and marketing teams, while also escalating product development in key areas like predictive analytics.
Led by Corry Flatt, CEO and co-founder, Bonfire provides a cloud-based sourcing enablement platform to 170 organizations which intelligently automate more than $12 billion of annual procurement decisions like requests for proposals (RFPs), bids, tenders, and reverse auctions.
The software helps users such as public sector institutions and organizations in highly-regulated industries such as healthcare, natural resources and financial service define their sourcing objectives and requirements; engage suppliers; collect rich data from vendor proposals; and then collaboratively evaluate, analyze, and compare potential options online.
Clients include global accounting firm BDO; Chicago Board of Education, the third largest school board in the US; Ivy Tech Community College, the largest community college system in the US; the city of Louisville, Kentucky; Canada’s national healthcare group purchasing organization Medbuy; Metropolitan Transportation Commission, the transit planning, financing and coordinating agency for the San Francisco Bay Area; and The University of Massachusetts university system. The Bonfire vendor community includes thousands of suppliers — including the majority of the Fortune 1000.