VendorPanel, a leading Australian procurement platform, announced today it has secured AUD$2.35 million Series A capital led by Microequities Venture Capital Fund, with strategic investment by Aconex founders Leigh Jasper and Rob Phillpot.
The financing will be used to accelerate growth, extend product development, and expand into new international markets. With Microequities Venture Capital Fund, Jasper and Phillpot all holding globally successful track records in the SaaS B2B marketplace, the investment is a significant vote of confidence in the Melbourne-based technology company.
Following the investment, Justin Lipman of Microequities Venture Capital Fund will join the VendorPanel board. He commented: “VendorPanel’s vision and expertise are helping to simplify procurement. Over 1,000 organisations have seen the benefits so far, which indicates to us that VendorPanel’s technology is genuinely solving an industry-wide pain point and tells us that this space is ready for change. We’ve been impressed with the business that James and his team have built and we’re excited to be working with them to accelerate VendorPanel’s growth.”
Founder and CEO James Leathem is looking forward to having the SaaS experts involved in the business, helping VendorPanel become the preferred procurement platform for government and enterprise in Australia and overseas.
“The team at Microequities Venture Capital are known for the support and value they bring to management teams and, in Leigh and Rob, we are fortunate to have investors who have been down the road of building a fast-growing, world-beating SaaS company,” James said.
“I was motivated to build VendorPanel after my time in professional services highlighted wide gaps and opportunities in procurement practices. I saw not only a need for a platform that
helped organisations manage the processes, risks and costs of procurement, but an opportunity to move procurement beyond cost saving to value delivery.”
The platform is used by organisations of all sizes, from State Governments like Victoria’s to hundreds of local Councils across Australia. Charters Towers Regional Council in Queensland has been a VendorPanel client for several years and Procurement Coordinator Paul Weston knows the platform well. He says “VendorPanel has driven real efficiency gains for Council. Overall, a big win has been in probity and supplier confidence.”
James Leathem concludes “Our data supports what customers tell us, that they see reduced financial risk and better value for their procurement dollar through using the platform. That, together with the impact we can help them have on local economic development and positive social outcomes, is why we’re extremely excited about the next chapter of the VendorPanel story.”