Tropic, a NYC-based platform of record for SaaS, raised $25m in funding.
The round was led by Canaan Partners, with participation from Founder Collective and Mo Koyfman’s new fund, Shine.
The company intends to use the funds to expand its platform functionality to deliver more savings, streamlined workflows, and insights while expanding its ecosystem of integrations into existing procurement tools.
Led by CEO David Campbell, Tropic enables companies of any stage to deploy a SaaS procurement process, bringing many historically separate systems under one platform. When it’s time to buy or renew a contract, users can access Tropic’s Assisted Purchasing service to fully outsource the transaction.
It follows four quarters of rapid growth as Tropic’s managed spend surpassed $250 million with the customer base including Qualtrics, Vimeo, Zapier, and Intercom.