Oro Labs, a startup specializing in procurement management software, has recently announced securing a $34 million investment in a Series B funding round. The funding was led by Felicis and saw participation from Norwest Venture Partners, B Capital, and XYZ Venture Capital. With a total raised capital of $60 million, Oro Labs plans to utilize the funds to expand its operations, grow its customer base, and develop new use cases for its platform.
Key Takeaway
- Oro Labs, a procurement management software startup, has secured $34 million in a Series B funding round led by Felicis.
- The funds will be used to scale up operations, expand the customer base, and develop new use cases for Oro’s platform.
- Oro Labs offers a no-code workflow platform that addresses common procurement challenges, such as complex purchasing systems and invoice reconciliation.
- The platform’s agility, integration capabilities, and focus on improving the procurement experience contribute to Oro Labs’ rapid growth.
Addressing Common Challenges in Procurement
The founders of Oro Labs, Sudhir Bhojwani, Lalitha Rajagopalan, and Yuan Tung, recognized the common roadblocks organizations face in implementing procurement software. These challenges include complex purchasing systems and approval processes, time spent on invoice reconciliation, compliance with spending policies, and rogue spending. To overcome these obstacles, Oro Labs offers a set of no-code tools that enable businesses to implement workflows for various procurement processes, such as invoicing, supplier onboarding, and risk management.
Unlocking Agility and Efficiency
One of the main advantages of Oro Labs’ platform is its agility. The platform’s no-code engine allows for easy customization and adaptation to different business challenges, from procurement to supplier fraud prevention. Furthermore, Oro Labs offers easy integration with existing tools, streamlining workflows and maximizing efficiency. This seamless integration not only reduces the burden on IT teams but also enables businesses to extend Oro’s functionalities to meet their specific requirements.
Expanding Customer Base and Growth Potential
Oro Labs has experienced tremendous growth in its customer base, boasting a 400% increase over the past year. The company’s annual recurring revenue currently stands between $1 million and $10 million. With a team of 90 employees across the United States, India, and Europe, Oro Labs is actively hiring and plans to expand its headcount to 100 by the end of the year. The company’s success can be attributed to its focus on improving the overall procurement experience for employees and suppliers.
