Accel Invests $2mn Seed Funding in Aavenir, a Source-to-Pay Start-up on ServiceNow Platform
Funding to enable global reach and accelerate the development of product portfolio
Date: April 14, 2020
SAN FRANCISCO & INDIA, April 14, 2020: Aavenir, a SaaS-based Source-to-Pay solutions provider, announced it has received US$ 2mn seed funding from global venture capital firm Accel. Aavenir’s 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.
Aavenir 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.
Jesal Mehta, Aavenir’s CEO said: “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.”
Prayank Swaroop Partner at Accel, added: “There has been a noticeable increase in enterprises’ appetite for automating 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 source-to-pay space. We’re excited to be joining Aavenir on its mission of delivering the future of work.”
“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 app store and administer it like other ServiceNow apps.” said James A A Maxwell, ISV Lead – APAC, ServiceNow.
Accel is a global venture capital firm that partners with exceptional founders with unique insights, from inception through all phases of private company growth. Atlassian, BlackBuck, Bounce, BookMyShow, Braintree, BrowserStack, CrowdStrike, CureFit, DJI, Dropbox, Etsy, Facebook, Flipkart, Freshworks, Qualtrics, Slack, Spotify, Supercell, Swiggy, UiPath and UrbanCompany are among the companies the firm has backed over the past 35+ years. The firm seeks to understand entrepreneurs as individuals, appreciate their originality and play to their strengths. www.accel.com or www.twitter.com/accel.
Aavenir delivers ‘future of work’ with AI/ML-powered Source-to-Pay solutions – RFPflow, Contractflow, and Invoiceflow. Led by enterprise tech experts with 25+ years of domain experience, Aavenir aims to drive operational efficiency and competitive edge for enterprises. www.aavenir.com