Darlington-based procurement platform provider Paid has raised £2.2m in seed funding.
The round was led by early-stage tech investors Crane Venture Partners, along with participation from Seedcamp, Techstars and angel investors including Angel Invest Ventures’ Jens Lapinski, GoCardless and Nested Founder Matthew Robinson, Outrun Ventures founder Chris Adelsbach and former Microsoft head of corporate strategy Charles Songhurst.
Procurement costs can range between 2 and 10 per cent of revenue, with Paid’s technology aiming to save costs.
Co-founder and chief executive Tom Howsam said: “Every SME who has ever dealt with large enterprises knows the pain and the time it takes to do even a simple thing like onboarding as a supplier, signing a contract, or getting paid on time.
“What they may not know is that that frustration is usually shared by the enterprise buyer, whose internal, one-size fits all process means they can’t move quickly.”
Paid was founded 2018 and participated in the Barclays London Accelerator, powered by Techstars, in January 2019.
Jeremy Roche, founder of FinancialForce and Paid’s new chairman, added: “What really excites me about Paid is the way the team has built a comprehensive platform to solve a complex, real-world problem that every enterprise faces – how to handle their long tail procure-to-pay process in a cost-effective way, allowing them to access the most innovative suppliers quickly and easily.”