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 in enterprises.

      The start-up Pivot, which operates in Paris and New York and was established in 2023, aims to utilize its newly acquired funds to enhance ERP integrations and expand its agentic procurement platform into additional enterprise settings. Customers such as DoorDash, Lemonade, and Flix are already utilizing the system, which processes $3 billion in invoices annually.

      Recently, Pivot secured $40 million in a Series B funding round led by Forestay Capital and Notion Capital, bringing its total funding since its inception in 2023 to $70 million. This oversubscribed round attracted investments from Greyhound and several figures from the procurement industry, including the former Global VP of Sales at Ariba and the founder of EcoVadis, as well as existing investors Hedosophia, Visionaries Club, and Emblem.

      In local currency, the European reporting of this round indicates €34.4 million, totaling cumulative funding of €60.2 million.

      The company operates in over 25 countries and manages $3 billion (approximately €2.5 billion) in invoices each year, with clients including DoorDash, Lemonade, and Flix. DoorDash has adopted the Pivot platform for its European operations and is also enhancing its intake and vendor onboarding processes using Pivot alongside its current system.

      Gordon Lee, DoorDash's Chief Accounting Officer, noted in the announcement, "Pivot distinguished itself by effectively managing complex operational requirements while seamlessly integrating into our existing environment." In regard to Wolt, he added that there was significant potential to enhance speed, flexibility, and user experience.

      The funds raised will be directed toward enhancing Pivot's agentic-AI capabilities, expanding into new enterprise markets, and establishing further integrations with ERPs and financial systems. The framing of this fundraising round, as presented by co-founder Marc-Antoine Lacroix, emphasizes that procurement and finance leaders are not seeking additional workflow layers; rather, they need visibility into business spending commitments before issues arise at closing. "Pivot provides that visibility, supported by agentic AI that shifts the manual burden from humans to machines," he explained.

      The market that Pivot is addressing has been slow to evolve within enterprise software. Procurement processes in large enterprises still rely on disjointed systems, email communications, spreadsheets, and manual approval processes, resulting in finance teams lacking insight into committed expenditures until after they occur. Legacy platforms have promised solutions for two decades but have delivered cumbersome implementations and inflexible architectures. While newer intake-and-orchestration tools have improved front-end processes, they have left the underlying data infrastructure largely intact. Additionally, the AI functionalities added to both older and newer systems have tended to underperform due to the fragmented nature of their data.

      Pivot claims to have built an entirely new record system from the ground up, with agentic workflows layered on top, rather than retrofitting AI onto an existing procurement framework. The platform encompasses sourcing, approvals, purchasing, invoicing, payments, budgets, expenses, and reporting within a single environment, offering real-time ERP integrations and accommodating multi-entity enterprise structures.

      According to lead investor Deborah Pittet at Forestay, the rationale behind this category is that "enterprise procurement has been overdue for a generational shift," and the combination of architecture and traction positions Pivot as a secure alternative to established platforms.

      This funding round occurs during a particularly active period for European agentic-AI enterprise software. Earlier this month, Dust closed its own $40 million Series B funding, based on the thesis that the AI agent capable of transforming the workplace will be the one that seamlessly integrates into existing communication environments. Similarly, Synera raised $40 million to enhance agentic AI in engineering workflows, marking Pivot as the third European enterprise agentic-AI funding event of $40 million within a month.

      Each of these companies is targeting different segments within the same larger initiative to redefine the next generation of enterprise software through agents that function within workflows rather than static workflow layers. As articulated by Notion Capital partner Jessica Thomas, procurement remains "one of the last major enterprise functions still waiting to be revitalized for the AI era," dominated by outdated solutions dependent on manual processes. "Pivot is the sole player redesigning procurement from the system-of-record upwards to facilitate agentic workflows," she stated, comparing it to broader agentic-AI initiatives made by hyperscalers.

      Pivot has not disclosed the valuation of this funding round, the intended increase in headcount, or the timeline for planned ERP integration expansions. Following a $21.6 million initial funding round in December 2023, this Series B represents the second institutional funding round in thirty months. The next key indicator will be how promptly the announced expansion enhances its customer base beyond the current trio of DoorDash, Lemonade, and Flix, moving towards deeper engagements with multi-entity Fortune 500 procurement systems.