Procural secures $1.2 million seed investment

Procural, a Business to Business (B2B) cloud-based tendering platform that enables buyers and sellers to collaborate in the marketplace, has secured a seed investment of $1.2 million from Flagship Holding and Canada-based BenchMatrix to accelerate growth and product development.

The Bahrain-based startup said the investment will help Procural expand its reach and scale its innovative platform, enabling businesses of all sizes to manage their procurement processes efficiently.

Uzair Usman, chief executive and co-founder of Procural, welcomed the investment as a crucial step forward for the company.

"We found a gap in the market and have developed a secure, scalable solution that can be accessed from anywhere," he said.

He said Bahrain's position as the regional leader in technology and innovation will be strengthened by the platform.

"By streamlining the purchasing process, businesses can save time and money, while also ensuring compliance with their procurement policies. This investment is a validation of our platform's credibility and potential, and we're excited to work with Flagship Holding and BenchMatrix to take Procural to the next level," he said.

Flagship Holding, with its GCC-wide footprint, will leverage its expertise to help Procural gain a strategic position in the market. BenchMatrix will bring its development prowess to bear and accelerate Procural's in-house development cycle.

All three principals -- Uzair Usman, Flagship Holding board member Fahad Engineer and BenchMatrix founder and group CEO Irfan Fazli -- are confident that the pooled knowledge will drive innovation and result in a revolution of the procurement space.

Procural.com is an algorithmic and AI-driven B2B procurement platform that matches vendors to buyers in an efficient, data-driven way. It offers a range of features, including a cloud-based infrastructure, customizable approval workflows, automated purchase orders, and real-time budget tracking.

With extensive reporting and analytical features, businesses can easily manage their vendor relationships, track their spending, and analyse their procurement data to identify opportunities for cost savings and process improvements.

"This investment is a testament to our vision and hard work, and we're thrilled to partner with Flagship Holding and BenchMatrix to bring Procural to the forefront of the procurement industry," Usman said.

With the new funding, Procural plans to expand its team, improve its platform's capabilities, and accelerate its growth in the B2B procurement market. Procural is poised to become the go-to procurement platform for businesses looking to streamline their procurement processes and save time and money.

The platform helps digitise and manage the entire procurement process from request to fulfillment, providing a data-driven approach to enhance businesses’ procurement process, whilst increasing their sourcing outreach. Procural operates as a secure and scalable platform that allows the business to have an adequate amount of internal control by reinforcing all governance and risk-related practices in procurement.

business@khaleejtimes.com

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