French startup Pivot is scaling at a rapid pace after raising a $5.3 million pre-seed round in April. The company is now raising another $21.6 million in a new Series A round from existing investors.
Pivot is a modern spend management solution that integrates with your existing financial stack as much as possible as well as your ERP. It has a no-code interface to build internal workflows for purchase orders, making it easier for employees to understand purchase order forms.
Once everything is in Pivot, finance teams can approve or deny purchases and see the overall picture. Other teams can also keep track of their budgets to see if they’re overspending. This makes sense in the current environment as companies are looking at ways to cut costs.
Change of plan
Pivot co-founder and CEO Romain Libeau says they “hadn’t planned to raise so quickly, and we still have most of the funds from the initial round. With another €20 million in the bank, we can change the plan and be much more ambitious on recruitment to build the vision of our product and get known faster.”
Pivot co-founders already plan to grow to a team of 50 people by the end of the year and want to double in size every year for the next two years. “We’ve set ourselves a target of €1 million in [annual recurring revenue] over the course of 2024 — as soon as possible,” Libeau said.
For now, the company plans to end the year with 10 clients.