Bahrain's Procural raises $1.3M in Seed round
The company plans to use this funding to expand its team, improve the capabilities of the platform, and boost its growth in the B2B procurement market.
Bahrain’s B2B procurement platform has raised a seed investment of $1.2 Million from Flagship Holding and Canada-based BenchMatrix.
The company plans to use this funding to expand its team, improve the capabilities of the platform, and boost its growth in the B2B procurement market, as per a press release carried out by Wamda.
Founded in 2022 by Uzair Usman, Procural is an algorithmic and AI-driven B2B procurement platform that works as a matchmaker between vendors and buyers.
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Procural offers services such as cloud-based infrastructure, automated purchase orders, customisable approval workflows, and real-time budget tracking.
Flagship Holding would help the company improve its market position while BenchMatrix will leverage its development prowess to improve Procural’s in-house development cycle.
According to Straits Research, the global B2B ecommerce market size is projected to reach $30,291 billion by 2030, registering a compound annual growth rate (CAGR) of 19.2% from 2022 to 2030.
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Edited by Affirunisa Kankudti
