Aavenir raises $6 million, led by Accel, to expand its source to pay portfolio

The announcement

SAN FRANCISCO, March 22, 2022. Aavenir announced that it has raised $6 million in Series A funding, as reported in its Business Wire release. The round was led by Accel, with participation from ScOp Ventures. Accel also led Aavenir’s seed round.

Procurement is expected to deliver savings, improve efficiency and manage risk and compliance. Aavenir’s mission is to make source to pay smarter, faster and more enjoyable through technology, helping enterprise teams collaborate on and automate sourcing, vendor onboarding, contract lifecycle management, procurement, obligation management and accounts payable on ServiceNow.

Why it matters

Enterprises deal with siloed systems, multiple platforms, inconsistent data, varied user experiences, manual data entry and difficult integrations. Aavenir addresses these with AI enabled user experiences, a unified data model, IT compliance and fast integration with enterprise resource planning systems.

What the investors and CEO said

“Aavenir has uniquely positioned its solutions with an extensive set of fully configurable functionalities powered by digital workflows, machine learning, and NLP that automates manual tasks, speeds up approvals, and frees up time for strategic activities. We are excited to partner with Aavenir as they continue their journey of delivering the future of work, today,” said Prayank Swaroop, Partner at Accel.

“We thank Accel for continued support. Aavenir will use the capital to build new products, increase S2P solutions footprint and strengthen our core sales team for market expansion. Our ServiceNow partnership and their sales teams help us implement certified Aavenir applications and maximize ServiceNow ROI. ServiceNow’s low-code/no-code platform enables Aavenir to quickly implement solutions that are close fit to business requirements at reduced Total Cost of Ownership (TCO),” said Jesal Mehta, Founder and CEO of Aavenir.

“Aavenir team comes with rich experience of implementing source-to-pay applications for enterprises around the world. We are excited to work with the Aavenir team, who understands customer challenges at the most nuanced levels and quickly alters solutions,” added Kevin O’Connor, Partner, ScOp Venture Capital.

About the investors

Accel is a global venture capital firm that aims to be the first partner to exceptional teams, from inception through every stage of private company growth. ScOp Venture Capital is a venture capital firm based in Los Angeles, California.

About Aavenir

Aavenir is an enterprise contract intelligence platform for procurement, legal, IT, finance, and sales teams. Aavenir AI reads every agreement an enterprise has signed, Aavenir Atlas answers questions across the whole portfolio, and its apps act on contract terms from sourcing to payment, natively on ServiceNow or standalone. About Aavenir.