Candex’s journey began in 2011 when co-founders Jeremy Lappin and Shani Vaza-Wahrmann built software focused on aiding companies in purchasing from recruitment vendors. Over the years, Candex expanded its scope to cover purchasing from any vendor and spend category, addressing unmanaged expenditures across products and services.
Candex’s platform, designed to integrate with third-party procurement and enterprise resource management software, accelerates payment processes, enabling businesses to pay vendors in minutes instead of weeks. The platform streamlines data management, generates insights on spend, and employs AI models to verify invoice accuracy and ensure compliance with taxation in various countries.
In a recent significant development for procurement management, Candex, a startup dedicated to simplifying vendor management and payment processes for businesses, has secured a $45 million infusion in a Series B funding round. The investment, led by Goldman Sachs with participation from WiL (World Innovation Lab), brings Candex’s total funding to $85 million. The fresh capital will fuel the expansion of the company’s presence in Asian markets and support the development of a new product tailored to customers with “high-volume, small payment” needs, as stated by CEO Jeremy Lappin.
Lappin highlighted Candex’s resilience and growth, particularly during the pandemic, as businesses increasingly embraced automation and digitization in various aspects, including purchasing. Candex has experienced consistent growth, doubling in size annually over the last four years and is on track to double revenues once again this year. Lappin emphasized the company’s financial stability, with a current runway extending over a decade.
Goldman Sachs played a pivotal role in this funding round due to its longstanding relationship with Candex as a major client, offering a front-row perspective on the value provided by the procurement management platform. WiL’s inclusion in the investment group aims to leverage its expertise in helping Candex succeed in the Japanese market.
The New York City-based startup boasts an impressive customer base, including renowned brands like Sanofi, HSBC, Dell, L’Oréal, and Colgate. With plans to grow its team by more than 50% in the coming year, Candex aims to strengthen its position in the procurement management space and build a global and enduring business.