Announcing Ignite Procurement’s Completion of NOK 30 Million Funding Raise
Last updated Sep 30, 2022 - 3 min read
- Table of Content
We are delighted to announce our latest NOK 30 million funding raise. This is a great moment not only for us, our partners, and investors but for our customers who have trusted us in this growth journey.
Image by Anders Horntvedt via Finansavisen
Press: Ignite Procurement completes NOK 30 million funding raise and has gone from 10 to 40 employees in one year. Now the company is filling the coffers to go international with Norwegian software for data-driven strategic procurement.
When our co-founders Sigbjørn Nome and Børge Langedal started Ignite Procurement in 2016, we primarily focused on providing procurement consultation. However, we soon realized the need to leverage modern technology to help more companies revolutionize their procurement processes by following a data-driven and strategic approach. Thus, the company decided to change its course and become a SaaS company.
A Growth Worth Noticing
Ignite Procurement has raised funding from a variety of investors. In the autumn of 2019, we raised capital in a share issue in which the early-phase environments SNÖ invested NOK 5 million and Investinor NOK 12 million and became owners.
AXIF, a new investment fund in which Arkwright and Ferd are partners, invested NOK 7 million and the K4 Group invested NOK 1 million in Ignite. Also, our employees invested a total of NOK 3 million in our company.
In the spring of 2020, our company won the Finansavisen's Vext competition.
In 2021, we moved our office from Aker Brygge to the eighth floor of the Epicenter building in Oslo.
In terms of employees, we have grown from 10 to 40 employees in a year. Not just that, Ignite Procurement’s valuation has tripled since the autumn of 2019. With the recent funding of NOK 30 million, the current valuation of the company is NOK 165 million.
Ignite Procurement is now looking for expansion opportunities in the USA and Germany. So, the amount raised will be used to accelerate Ignite Procurement's international growth, hire more employees, and continue transforming procurement.
The Future of Procurement lies in Being Strategic and Data-Driven
Our CEO and founder Sigbjørn Nome is something of an expert in the field, having worked in the BCG for many years before starting Ignite Procurement. He saw an insane potential lying untapped in the procurement space. “So when Sigbjørn came to me and wondered if we should start a business, I saw it as a once-in-a-lifetime opportunity,” says our CRO and co-founder Børge Langedal.
“There is a lot of room for improvement in procurement processes. And this improvement can directly affect the bottom line by helping organizations achieve their tactical and strategic goals” says Nome. “Companies work hard to increase their turnover but when it comes to the cost side, following a strategic and data-driven approach is still not a common practice.”
Commenting on the importance of a strategic and data-driven approach to procurement, our Langedal said: “It is about ensuring good competitiveness. For many of our customers, external spend accounts for 80 percent of the costs. If you are a good businesswoman or businessman, all that is needed is that you do not work systematically.”
According to a recent study by the Hackett Group, 95% of procurement professionals believe they will see a digital transformation in the procurement industry within the next two to three years. The idea of Ignite Procurement is to facilitate companies to be able to work strategically and fact-based with their spend.
“Data is the key here” adds Nome. “With artificial intelligence, we make the results both exciting and sexy.”
Ignite Procurement - Strategic Procurement Made Easy
Ignite Procurement is a Norwegian SaaS company facilitating data-driven, smarter, and sustainable procurement decisions through its best-of-breed spend management solution. The cloud-based solution, built on a battle-proven methodology, offers an unparalleled time-to-value with an intuitive, user-friendly interface.
With the ever-increasing importance of technology and data in all aspects of business decision-making, Ignite Procurement aims to become the number one player within strategic procurement.