At the start of this year, we surveyed CFOs and finance leaders about where they would be cutting back and spending budget. Universally, CFOs told us that procurement software was the #1 area of the CFO stack where they plan to evaluate new software vendors and to increase tech investment.
Procurement is a massive market that touches on every department in the organization and is growing in complexity every day. The number of SaaS apps used by different departments is increasing every year while the number of vendors and the complexity of managing these vendors is exploding. Finance leaders are looking for procurement software that (1) delivers workflows to unify procurement decisions across the company and provide visibility and financial control to stakeholders and budget owners, (2) helps manage vendor complexity and risk, and (3) leverages AI to empower employees to simplify decision-making, make it fast and easy to buy goods and start supplier engagements and reduce redundant vendors.
The legacy suite incumbents in the space don’t address the pain points of today’s CFOs and Procurement leaders. The more we dug into the complexity of procurement, the more we fell in love with the massive opportunity to reinvent this category and with the extraordinary ORO team. That’s why we’re excited to lead the series B for ORO Labs, the platform for smart procurement workflows. ORO is led by three exceptional co-founders, Sudhir, Lalitha, and Yuan, who worked together at SAP Ariba for 10+ years and saw first-hand the need to reimagine the procurement user experience. ORO’s vision is to help customers orchestrate the procurement process across systems and teams and ‘humanize the procurement experience’ for all users. They are true “procurement geeks” who know the space cold and are highly credible with Fortune 500 customers.
Only one year after launching from stealth mode, ORO has signed and expanded with large Fortune 500 customers across industries from pharmaceutical to banking to technology. Customers include Novartis, BASF, and large global banks.
One of our key takeaways from our CFO survey earlier this year was how “If you sell into Fortune 1000, you aren’t going to replace SAP Ariba or Coupa anytime soon—understand where you are in the workflow and how you will integrate into the existing technical stack.” ORO has built out hundreds of complex integrations that integrate into ERP systems, payments systems, and every system of record in the enterprise. ORO’s orchestration layer sits on top of sourcing, contracting, vendor master, and ERP and automates the entire start-to-end process for business users, creating a seamless procurement experience. We’re thrilled to be on this journey with ORO Labs as they make procurement smarter and more collaborative for teams across the globe.