Bahrain-based Procural has raised $1.2 million in a seed funding round led by Flagship Holding and Canada's BenchMatrix.
Procural is a B2B procurement platform that uses AI algorithms to match vendors and buyers, providing a cloud-based infrastructure, automated purchase orders and real-time budget tracking.
The funds will be used to expand Procural's team and improve its platform's capabilities, as well as to accelerate its growth in the B2B procurement market.
CEO and co-founder of Procural, Uzair Usman, said the investment was a crucial step forward for the company. "By streamlining the purchasing process, businesses can save time and money, while also ensuring compliance with their procurement policies."
He said. "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."
Flagship Holding said it would leverage its expertise to help Procural gain a strategic position in the market, while BenchMatrix would bring its development prowess to accelerate Procural's in-house development cycle.