Supplier insight platform Contingent has closed $8.2m (£6.25m) in a funding round led by Octopus Ventures.
The London-based company will use the capital for product development and to fund its international expansion into the US and Europe. It will also make new hires across its product, engineering and commercial teams.
Additional investment came from Connect Ventures, Concentric, Seedcamp, Ascension, and Working Capital Innovation Fund.
Contingent is a SaaS company that builds procurement software. The platform gives an analysis of suppliers and businesses to help follow regulations, reduce third-party risk exposure and improve efficiency.
“Procurement and supply chain management have been overlooked for too long, served by clunky, legacy technology,” said Rory Stirling, partner, Connect Ventures. “An exciting ecosystem of cloud tools connected by APIs is emerging and there’s a huge opportunity to improve the status quo, and recognise the procurement team as the heroes they are.”
The company was founded in 2020 by Tai Alegbe and Raj Wilkhu.
Contingent’s total funding to date is $11m, with prior investment from Connect Ventures, Seedcamp, Concentric and Angel Invest Ventures. Previous rounds include a £1.7m close in December 2020.
The software is used by Monzo, Seagate, Huel, Barratt Developments and the UK government.
Stephen Ball, chief revenue officer at Contingent, told UKTN that the company had not been “actively seeking investment” but decided to partner with Octopus Ventures after working with the VC’s team.
Ball added that future funding is “not on the immediate horizon” and that the latest raise was calculated to help it meet its “very aggressive growth goals”.
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