Levelpath, a next-gen procurement platform founded by the team behind Scout RFP, has raised $55 million in a Series B round led by Battery Ventures.
The round also saw participation from Benchmark and Redpoint, bringing total funding to nearly $100 million.
Building on past success
Founders Stan Garber and Alex Yakubovich previously sold Scout RFP to Workday for $540 million in 2019. Their new venture was launched after identifying recurring procurement inefficiencies during their time at Workday. Levelpath offers a mobile-first and user-friendly platform designed to streamline purchasing and cut costs.
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AI from day one
Launched alongside the rise of ChatGPT, Levelpath integrated AI capabilities early—helping customers analyze unstructured contract data and recommend cost-effective alternatives. Clients include Ace Hardware, Amgen, Coupang, and SiriusXM.
Challenging incumbents
Legacy systems like Coupa and Ariba are known for clunky interfaces that often result in off-platform “rogue” spending. The startup aims to solve this with intuitive software that encourages company-wide adoption.
Market opportunity and growth
Procurement is the second-largest expense for most companies after payroll. The global procurement software market was valued at $7.3 billion in 2023. Levelpath aims to quadruple revenue this year, positioning itself alongside players like Zip and Oro Labs.
Backed by experience
Battery Ventures partner Neeraj Agrawal, who previously backed Coupa, joins Levelpath’s board. He cites the founders’ reputation and ability to deliver as key reasons for his investment.
Vision for the future
The company’s mission is to make procurement software that people actually want to use. As the company scales, it aims to continue modernizing a traditionally overlooked but high-impact business function.
