Pivot secures $40 million in Series B funding to promote an agentic-AI procurement operating system aimed at addressing issues that legacy software has failed to resolve for enterprises.

      The start-up Pivot, based in Paris and New York and established in 2023, has secured $40 million in a Series B funding round led by Forestay Capital and Notion Capital. This brings the total funding for the company to $70 million since its inception. The company plans to use the new funds to enhance ERP integrations and expand its agentic procurement platform into additional enterprise environments. Among its current clients are DoorDash, Lemonade, and Flix, with the platform processing $3 billion in invoices annually.

      The oversubscribed funding round included participation from Greyhound as well as various professionals from the procurement sector, such as Ariba’s former Global VP of Sales and the founder of EcoVadis, in addition to existing supporters like Hedosophia, Visionaries Club, and Emblem. In local currency, the funding round amounts to €34.4 million, contributing to a cumulative total of €60.2 million.

      Pivot operates in over 25 countries and manages $3 billion (approximately €2.5 billion) in annual invoices, serving enterprise clients like DoorDash, which has adopted Pivot for its European operations to enhance its intake and vendor-onboarding processes. Gordon Lee, DoorDash’s Chief Accounting Officer, noted that "Pivot stood out for its ability to support complex operational needs while seamlessly fitting into our existing environment." He emphasized the opportunity for improved speed, flexibility, and user experience in relation to Wolt and related workflows.

      The new capital will be utilized to strengthen Pivot’s agentic-AI functionalities, explore new enterprise markets, and develop further integrations with ERPs and financial systems. Co-founder Marc-Antoine Lacroix stated that procurement and finance leaders do not seek another workflow layer but rather need clarity on business spending commitments before issues arise at closing. He added that Pivot provides this visibility, enhanced by agentic AI, transferring the burden from people to machines.

      The sector's dynamics reveal that procurement within large organizations continues to operate through disconnected systems, email threads, spreadsheets, and manual approval processes, leaving finance teams without insight into committed spending until after transactions occur. Although legacy platforms have attempted to address these issues for twenty years, they often led to cumbersome implementations and inflexible architectures. A newer generation of intake and orchestration tools improved the user interface but did not address the underlying data layers, leading to underwhelming AI functionalities due to fragmented data sources.

      Pivot claims to have developed a record-keeping system from the ground up, with agentic workflows layered on top, instead of retrofitting AI onto pre-existing procurement systems. The platform encompasses sourcing, approvals, purchasing, invoicing, payments, budgets, expenses, and reporting all within a single environment, featuring real-time ERP integrations and support for multi-entity structures.

      According to lead investor Deborah Pittet from Forestay, 'enterprise procurement has been overdue for a generational shift,' and the combination of architecture and traction positions Pivot as a robust alternative to established platforms.

      This funding round falls within a busy fortnight for European agentic-AI enterprise software, as Dust recently closed a $40 million Series B focused on frictionless distribution within existing communication platforms, while Synera raised $40 million for agentic AI in engineering workflows. Pivot represents the third substantial European $40 million raise in agentic AI in one month, with each company aiming for distinct vertical sectors under the broader idea that future enterprise software will be driven by agents integrated into workflows rather than static processes.

      Notion Capital's partner Jessica Thomas expressed that procurement is "one of the last major enterprise functions still waiting to be rebuilt for the AI era," dominated by outdated manual solutions. She stated that "Pivot is the only player reimagining it from the system-of-record up to serve agentic workflows," positioning it well against larger competitors in the agentic-AI landscape.

      Pivot has not provided details about the valuation from this funding round, the personnel targets for the new capital, or a timetable for the planned ERP integration enhancements. Following the company’s initial $21.6 million round in December 2023, this Series B marks the second institutional funding round within thirty months. The next significant indicator will be the pace at which the expansion attracts new customers beyond the current clients, namely DoorDash, Lemonade, and Flix, towards engaging deeper into multi-entity Fortune 500 procurement.