Scout RFP has completed a Series B financing round of USD15.5 million bringing total investment in the company to USD27.25 million. The round was led by Menlo Ventures and includes investments from New Enterprise Associates (NEA). Matt Murphy, Managing Director at Menlo Ventures, will join Scout’s Board of Directors.
Scout has carved out a name for itself in the industry by delivering eSourcing solutions that allow enterprises to source faster and make a bigger business impact. Series B funding will help Scout expand engineering, extend its reach to serve global customer demands, and accelerate the innovation of its sourcing platform.
Traditionally, sourcing has been hindered by disparate spreadsheets, disorganised email chains, and legacy technologies that inhibit teams’ ability to work collaboratively, efficiently, and effectively. Scout solves this problem with its cloud-based strategic sourcing solutions. Its simple yet effective interface enables companies to streamline supplier selection, centralise data, collaborate cross-functionally, manage contracts, and make more informed purchasing decisions faster.
“Sourcing has long been seen through a purely operational lens, rather than as a function which can truly impact the bottom line. Scout is fundamentally shifting that misconception and delivering value to our customers by helping them to improve business outcomes and increase sourcing’s impact across the enterprise,” says Alex Yakubovich, Scout CEO. “Menlo’s investment and participation is a tribute to the progress Scout is making, and I am thrilled to welcome Matt Murphy to our board.”
Scout’s Series B funding follows a USD9 million Series A investment from lead investor New Enterprise Associates (NEA). Customers using the Scout platform include Adobe, CEMEX, easyJet, Owens Corning, and Zappos. Scout recently launched new product offerings for sourcing project pipeline and supplier management, giving procurement leaders the ability to respond quickly, streamline engagement, and allow sourcing activity to be tied directly to sourcing impact. Collecting cross-department sourcing requests in one place, forecasting sourcing events, and making budgetary decisions has never been faster or more streamlined.
“Scout’s eSourcing product is dramatically improving the way organisations go from ‘source to contract.’ Fortune 2000 customers share this need and yet are still stuck using a combination of email, Excel, and Word,” says Matt Murphy. “RFP’s complex, manual workflows are overdue for a purpose-built application. Just as ServiceNow has become a leading platform for trouble ticketing and Salesforce.com for customer relationship management, Scout is quickly becoming the platform of choice for eSourcing.”
