[Funding alert] SaaS-based source-to-pay startup Aavenir raises $2M in seed from Accel
Aavenir, a SaaS-based source-to-pay solutions provider, on Tuesday announced that it has raised $2 million in seed funding from global venture capital firm Accel.
The San Francisco and Ahmedabad-based company plans to use this investment to accelerate the development of its products in the source-to-pay domain and expand the global reach by strengthening sales and marketing operations.
Prayank Swaroop, Partner at Accel, said,
“There has been a noticeable increase in enterprises’ appetite for automating the entire source-to-pay process in recent years. With the clever use of ServiceNow platform and the team’s deep domain expertise, Aavenir has positioned itself as a thought leader in the source-to-pay space. We’re excited to be joining Aavenir on its mission of delivering the future of work.”
Founded in 2019, Aavenir said its singular vision is to deliver the future of work by automating the source-to-pay process on ServiceNow, the world’s most advanced digital workflow platform.
Aavenir’s source-to-pay solution offers integrated products including Contractflow for contract lifecycle management, RFPflow for sourcing management, and Invoiceflow for accounts payable automation to enable efficient sourcing, procurement, and contracting processes, the company added.
Jesal Mehta, Aavenir's CEO, added,
“Machine learning, NLP, and interactive chatbots are offering tremendous opportunities to automate and simplify the complex source-to-pay process significantly. Also, the partnership with ServiceNow allows us to be in front of their customers who are always looking to capitalize on their existing ServiceNow investments and automate more of their business processes using the NOW platform.”
According to James Maxwell, ISV Lead, ServiceNow, “As an experienced ISV partner, Aavenir has clearly identified the pain points within enterprise source-to-pay workflow and offers the smarter solution leveraging the NOW Platform. The best part is ServiceNow customers can quickly install it from the app store and administer it like other ServiceNow apps.”
Accel has backed companies such as Atlassian, BlackBuck, Bounce, BookMyShow, Braintree, BrowserStack, CrowdStrike, CureFit, DJI, Dropbox, Etsy, Facebook, Flipkart, Freshworks, Qualtrics, Slack, Spotify, Supercell, Swiggy, UiPath and UrbanCompany over the past 35+ years.
Edited by Kanishk Singh