Tropic raises a $40M Series B led by Insight Partners

I’m thrilled to announce that we’ve raised $40M in Series B funding in a round led by Insight Partners. This is exciting news because it means we can keep doing what we came here to do, transforming the procurement industry for a world that runs on software. We couldn’t have gotten a better partner on this journey than Insight, who knows SaaS inside and out, and we’re very excited to welcome Teddie Wardi to our board.

A few things I’m truly proud of

I’m proud to share that our Series B was realized only 4 months after our Series A. There is no question that procurement is having a moment. In that same time period, I’m proud to share that we doubled our revenue, our headcount and our customer base. With well over 100 customers and near 100% customer retention, it’s time for us to take on the next challenging chapter in realizing our vision of painless purchasing for everyone.

We’ve been busy

We have four major product releases in the next two quarters I can’t wait to tell you about. You’ve known us to be your procurement partner supplementing your process, there for you to ensure that you achieve optimum outcomes on 100% of your contracts. Soon you will know us to be your entire process, ready to use right out of the box.

We’ve been hard at work streamlining every step you need to take to buy software. You told us your processes were taking too long before Tropic got involved, you told us you wanted better visibility into your spend and utilization, and you told us you wanted a procurement process your stakeholders would actually adopt.

Help is on the way

In the next two quarters, you’ll get all of that from Tropic and then some. If you are a Tropic customer, partner, investor, advisor or friend, this celebration belongs to you. Thank you for helping us realize our dreams. We’d be nowhere without you.

Stay tuned. The best is yet to come.