Approveit, an operations and automation platform for businesses, has closed $1 million from 10vc, Verras Capital, Telegraph Hills Capital, and many other partners and angel investors. The investment will help the company simplify its goal of automating business processes into a one-stop shop.
“Our investment in Approveit underscores our confidence in platforms capable of serving diverse customer segments and addressing a broad range of use cases to drive significant impact. By integrating Approveit into their workflows, customers achieve substantial efficiency gains, while their documentation and compliance processes are markedly enhanced,” said 10vc.com.
What challenge does it tackle?
The market demand for similar automation software solutions is growing daily due to recurring problems. Managers, especially in global companies, often have to navigate over 10 systems for data and requests, causing inefficiencies, delays, and errors. Additionally, there needs to be more variability in executing standard procedures across departments and locations. It complicates tracking changes and controlling audit processes because of a lack of comprehensive audit logs. All of these difficulties affect a company’s financial and human resources.
Resolving these challenges, Approveit is focused on the easiest and fastest end-user onboarding in mid-sized businesses. It believes that workflow automation should be accessible for businesses of all shapes and sizes.
What does the company do?
Approveit was founded by Dmitry Matveev, a Polish-Belarusian entrepreneur; and Serge Gusev, a second-generation entrepreneur in 2020. Headquartered in the US, the platform merges easily with existing systems, with full integration taking up to a week, providing real-time process control and data consolidation for swift, informed decision-making. It allows end-to-end workflow automation in any department of your organization, from finance to HR to IT, speeding up approvals by up to 80%.
Setup is quick, up to 5 minutes, workflows are generated by Al and all communications are placed in work tool channels like email, Slack, or Microsoft Teams. The platform connects to the existing infrastructure of a company and there is even the possibility of importing from the HRIS.
According to customer surveys of the company, using Approveit for business means up to $2 million saved annually on operational inefficiency and human error and reduced charges afterward.
The company serves over 50 companies, including Blade, Midokura (a Sony Group Company), and EasyGo, managing over 100,000 customer requests across the United States, Europe, and Australia.
“As we engaged with more clients, we discovered they were applying our platform brilliantly — managing internal audits, HR operations, and even strategic decision-making processes. This revelation expanded our vision of Approveit’s potential and deepened our understanding of diverse industry needs. Seeing the variety of use cases has been exhilarating. It’s a testament to the importance of listening to our customers, adapting to their needs, and continuously pushing the boundaries of our technology,” said Serge Gusev, CEO and co-founder of Approveit. “We are going to spend new funding to attract new clients, enhance our technology platform, and achieve $1M ARR by March of 2025.”
“Our mission is to help businesses thrive and we believe that workflow automation should be accessible for businesses of all shapes and sizes. We сreate our product not only with our own ideas but users’ experience and feedback as well. We`re leveraging over 100,000 customer requests to build an ML model now, providing enhanced insights into their processes for more informed decision-making,” said Dmitry Matveev, CTO and co-founder of Approveit.
What do we think about Approveit?
Approveit is well-positioned to impact the workflow automation landscape, particularly for mid-sized businesses seeking to streamline operations and reduce inefficiencies. With a focus on quick setup, AI-driven workflows, and seamless integration with existing systems, Approveit can enhance operational efficiency and decision-making processes. As the demand for automation grows, Approveit’s user-centric approach and adaptability will likely make it a key player in transforming business processes across industries.
