Candex, a leading player in the procurement management industry, has recently garnered a significant $45 million in Series B funding, primarily led by Goldman Sachs. This investment, boosting Candex's total capital to $85 million, is earmarked for expanding their Asian market presence and developing a novel product aimed at high-volume, small payment needs. Candex's success hinges on its innovative automation and digitization of procurement processes, offering efficient vendor management and payment solutions. Despite pandemic challenges, Candex has shown impressive growth and resilience, propelled by increasing demand for automated procurement solutions. This development underlines Candex's commitment to financial stability and compliance, as well as its plan to expand its team to cater to a growing client base and complex regulatory requirements.



Candex, a leading startup in the procurement management industry, recently secured a significant $45 million investment in a Series B funding round. This investment, led by Goldman Sachs and joined by notable participants like WiL, Altos, NFX, Craft, JP Morgan, American Express, and Edenred, has brought Candex's total raised capital to $85 million. The funds are earmarked for expanding Candex's presence in Asian markets and developing a new product tailored for customers with high-volume, small payment needs.

Candex has been pivotal in automating and digitizing procurement processes, providing efficient vendor management and payment solutions. Despite the challenges of the ongoing pandemic, the company has seen substantial growth, doubling in size annually over the past four years. CEO Jeremy Lappin is confident in the company's continued revenue growth and financial stability, which is further bolstered by the involvement of Goldman Sachs.

Founded in 2011, Candex initially focused on recruitment vendor purchasing software. By 2017, the company expanded to cover all vendor purchases and unmanaged expenditures, integrating seamlessly with third-party procurement and enterprise resource management software. A standout feature of Candex's platform is its ability to expedite payments to vendors, significantly reducing the payment period and automating various administrative tasks.

Candex serves about 100 top brands, including Sanofi, HSBC, Dell, L'Oréal, and Colgate. To meet growing demand, Candex plans a significant team expansion, aiming to increase its workforce by over 50% in the coming year. This growth reflects the company's commitment to addressing the complex regulatory requirements of a global supply base​​.

The Candex website further highlights the company's mission to enable compliant trade of goods and services without cumbersome vendor setups, emphasizing control, visibility, and compliance. It operates in over 50 countries, underscoring its global reach and trust among enterprises worldwide