Why We Invested in Candex
Summary
Why We Invested in CandexWere very excited to announce that Craft led a $12 million Series A2 round in Candex, the tail spend payments platform for enterprise companies. Our investment brings the total size of the Series A round to $32m, joining previous investors Altos, NFX, JP Morgan, and Amex.Talk to anyone on an enterprise procurement team and theyll tell you how painful it is for their organizations to onboard, manage, and maintain tens of thousands of vendors, particularly the 90% that do less than $150k of annual billing. In fact, one of Candexs multinational enterprise customers with $32 billion in revenue has $765 million of tail spend extrapolate that to the Fortune Global 500 and you get $269 billion of addressable spend.These large enterprises use procurement systems such as Ariba or Coupa to house vendor data and track spending requests, approvals, invoices, and payments. If an employee needs something from a new vendor but needs it in 3 weeks, they are out of luck.Candex has built an effective pain killer to solve this problem and the proof is on their logo wall. With Candex, procurement teams no longer have to add non-core and one-time vendors to their systems, and they get substantially improved compliance and speed for their buyers.
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