Procural raises $1.2 million Seed
- Bahrain’s Procural has raised a $1.2 million Seed round led by Flagship Holding and Canada-based BenchMatrix.
- Founded in 2022 by Uzair Usman, Procural offers an enterprise-focused procurement marketplace connecting vendors directly to buyers.
- The startup plans to use the funds to improve the platform’s capabilities, accelerate its growth, and grow its team.
Bahrain’s Procural has secured a SEED investment of $1.2M from Flagship Holding and Canada-based BenchMatrix. Procural.com is an algorithmic and AI-driven B2B procurement platform that matches vendors to buyers in an efficient, data-driven way.
Procural claims to offer a cloud-based infrastructure, customizable approval workflows, automated purchase orders, and real-time budget tracking. CEO and co-founder of Procural, Uzair Usman, hailed the investment as a crucial step forward for the company.
"We found a gap in the market and have developed a secure, scalable solution that can be accessed from anywhere," he said. "By streamlining the purchasing process, businesses can save time and money, while also ensuring compliance with their procurement policies. This investment is a validation of our platform's credibility and potential, and we're excited to work with Flagship Holding and BenchMatrix to take Procural to the next level. Bahrain's position as the regional leader in technology and innovation will be strengthened by the platform”.
With the new funding, Procural plans to expand its team, improve its platform's capabilities, and accelerate its growth in the B2B procurement market. Flagship Holding says it will leverage its expertise to help Procural gain a strategic position in the market. BenchMatrix will bring its development prowess to bear and accelerate Procural's in-house development cycle. "This investment is a testament to our vision and hard work, and we're thrilled to partner with Flagship Holding and BenchMatrix to bring Procural to the forefront of the procurement industry," concluded Uzair Usman.