Tropic, a New York-based SaaS software procurement platform provider, raised $40M in Series B funding.
The round was led by Insight Partners.
The company intends to use the funds to further accelerate growth, expand its global footprint, build its team and launch four new software modules in the next two quarters.
Led by David Campbell, Tropic provides provides a SaaS based procurement platform for companies of all sizes – from startups to Fortune 500 companies – to buy software, manage contracts, and monitor usage. The platform streamlines every stage in the procurement workflow and presents insights on cost-saving opportunities.
Over the past four months, Tropic had more than doubled its revenue and added customers like Notion, Nextdoor, Faire, and Flatiron Health to its roster of leading brands.