Bonfire Raises $11M Financing

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.