![](\"https:\/\/tctechcrunch2011.files.wordpress.com\/2016\/08\/gettyimages-179708468.jpg?w=738\")
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Running a company is expensive. And it\u2019s more than just the product and employee costs that add up.<\/p>\n
From furniture to electronics, there\u2019s a lot of day-to-day corporate spending that can be hard to keep tabs on. That\u2019s why procurement software has become a big business.<\/p>\n
Investors are betting that Scout RFP<\/a> will emerge as a leader in the space. Menlo Ventures is leading a $15.5 million Series B round in the company, with participation from NEA. Matt Murphy from Menlo is also joining the board.<\/p>\n \u201cProcurement departments all over the world are run on spreadsheets,\u201d CEO Alex Yakubovich told TechCrunch. Scout\u2019s goal is to \u201cautomate the sourcing process.\u201d<\/span><\/p>\n Clients range from Smucker\u2019s to Salesforce and they pay for Scout on a subscription basis. In addition to spend management, Scout can help find discounts for buying in bulk. They call it \u201creverse auctions,\u201d where suppliers compete on price to entice customers.<\/p>\n Murphy says Menlo invested in Scout because it\u2019s unlike the competition. \u201cIt\u2019s an adjacent category that is different and has been neglected by technology providers.\u201d He feels that Ariba and Coupa \u201chave a forced fit offering that is clumsily based on their standard product work flow and rarely used.\u201d<\/p>\n Scout will ultimately \u201cbring visibility for tracking all the projects that are going on,\u201d said Yakubovich. It\u2019s efficient to have just \u201cone system of record for procurement and sourcing.\u201d<\/span><\/p>\n Scout is headquartered in San Francisco and has 42 employees. The company previously raised about $12 million<\/a> from NEA and Google Ventures (GV).<\/p>\n Featured Image: Magictorch\/Getty Images<\/small><\/p>\n","protected":false},"excerpt":{"rendered":"![\"\"](\"https:\/\/tctechcrunch2011.files.wordpress.com\/2016\/08\/gettyimages-179708468.jpg?w=680\")
Running a company is expensive. And it’s more than just the product and employee costs that add up. From furniture to electronics, there’s a lot of day-to-day corporate spending that can be hard to keep tabs on. That’s why procurement software has become a big business. Investors are betting that Scout RFP will emerge as a leader in the space. Menlo Ventures is leading a… Read More<\/a><\/p>\n\n<\/img><\/a>
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