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London Tech Week

Brainchild of former executives of Qonto, Wave.ai and Swile raises €5M for next-gen procurement tool

Pivot founders
Picture credits: Pivot

Optimising procurement management has become crucial for companies seeking to maximise their profitability. However, the procurement sector is still dominated by old-fashioned tools, designed almost two decades ago, resulting in counter-productive complexity. This leads to an implementation period averaging 9 months, requiring onerous intervention by integrators.

Paris-based Pivot is an innovative procurement software that transforms collaboration within finance teams. It automates numerous tasks and optimizes communication with legal, IT, and management teams.

Secures €5M funding 

Now, Pivot has secured €5 million in pre-seed funding from Visionaries, Emblem, Cocoa (that invested in Tilebox, Noala, and Werk) and renowned business angels such as Loïc Soubeyrand founder of Swile, Steve Anavi co-founder of Qonto, Hanno Renner co-founder of Personio and Oliver Samwer co-founder of Rocket Internet. 

The investment will be used to expand its team and accelerate the commercialisation of its product. In the coming weeks, Pivot plans to launch its solution in European countries, and already counts on the support of its first customers like the French unicorn Voodoo.

Estelle Giuly, Co-founder & CTO at Pivot said, “We’re excited by the idea of building a product in this category that requires a lot of features while remaining simple. We believe that speed of execution will be essential to capture significant market share in the months ahead. That’s why we’ve assembled a solid team of engineers and designers who have experienced hypergrowth and have already overcome these challenges.”

Robert Lacher, Founding  Partner at Visionaries Club added, “Incumbents from the 1990s failed to reinvent their architecture and create modern, interoperable SaaS applications. Today, customers are looking for lean, self-service, ready-to-use, API-driven, modular and intuitive user interfaces. Pivot offers a radically new approach that both companies and their employees love.”

Idea behind Pivot 

Pivot was founded in 2023 by Marc-Antoine Lacroix, Romain Libeau and Estelle Giuly in Paris. The co-founders, who are former C-level executives of French unicorns Qonto and Swile, came up with the idea after realising that there was no offer matching their expectations related to procurement. Apparently, they created the first modern procurement tool that helps companies keep spend under control while enhancing their teams. They have formed a team of experts from France’s top scaleups, including Qonto, Doctolib, Payfit, Wave, 360Learning, and Swile to develop this solution. 

Romain Libeau, Co-founder & CEO of Pivot stated, “I discovered procurement at Swile when we set up the division to accelerate profitability by controlling and optimising spending. I looked at the solutions on the market and quickly realized that it would take far too long to measure their impact. I anticipated a huge barrier to adoption when I saw the interfaces and complexity of the software on the market. I couldn’t see how we could offer this to our employees in a context of change management.”

Next-gen procurement tool

Pivot is a full-service spend control software designed for procurement teams. Native integrations with ERPs and company tools allow implementation in just a few days, without the need for an integrator. Intuitive interfaces foster employee adoption, avoiding the need for training. For finance, legal, compliance and security teams, Pivot offers automations that dramatically reduce manual work and endless email threads.

Pivot’s procurement tool consists of an intuitive user interface ensuring immediate adoption by all employees, without any need for financial knowledge. It supports interoperability with communication tools such as Slack, ERPs such as Netsuite or SAP, vertical tools such as Leeway for contract lifecycle management, Okta for SSO and provisioning, or Personio and BambooHR for employee data and organisation charts.

There is support for AI-based automations to relieve finance teams from countless manual tasks, maximising their productivity and giving them the opportunity to focus on high-value-added tasks. 

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