Procure IT Raises $4.8 Million in Initial Funding for Game-changing IT Procurement Platform
Procure IT, a game-changing data-driven IT procurement and management company, announced today that it raised $3.5 million in a new round of funding, bringing the total initial funding to $4.8 million. The company promises to combine people, processes and software to create an industry-first platform for IT procurement, spend, performance and risk management.
The latest funding round includes investments from two proven digital marketing and technology leaders Paul Filsinger and Giancarlo Maniaci, who also will serve as advisors to Procure IT's leadership team.
"We're thrilled to welcome Paul Filsinger and Giancarlo Maniaci as Procure IT investors and advisors," said Randy Jeter, Procure IT Managing Partner and former CEO of RapidScale. "Both leaders are highly experienced at building and growing forward-looking technology-powered companies by leveraging innovative product strategy and the latest advances in data-driven digital marketing. Their investments validate our vision to transform how IT is sourced and managed; their active guidance will help us achieve it."
Procure IT's managing partners, along with current and future investors, plan to raise additional capital before seeking private equity funding in 12-24 months, Jeter added.
About Procure IT's Investor-Advisors
Filsinger is a technology leader with 30 years of experience in software, IT, media and digital advertising. Over three decades, he has been an entrepreneur/owner/founder and President of System1, a $1 billion public company. Filsinger sold his business to System1 and then spent more than five years scaling teams, revenue and profitability, culminating in a public offering on NYSE (SST). As president, he was responsible for digital brands, including MapQuest, StartPage, HowStuffWorks, Answers.com, CouponFollow, Info.com, Infospace, WebCrawler, Dogpile and more.
Following a long career as a business builder, Filsinger has become an angel investor in companies aligned with his technology interests. Recent investments include MadisonAve.ai, a startup using generative AI to create advertising.
Filsinger's investment in Procure IT is grounded in his experience building technology-enabled companies.
"At System 1, for example, we made huge investments in cloud-based technologies," said Filsinger. "Procure IT helps companies better manage their technology investments by monitoring and analyzing it to realize and optimize its value. As an entrepreneur, founder and former public company CEO, I know that's a brilliant idea that's long overdue. Ironically, advancements in technology finally make it possible to achieve. I'm all in on helping Procure IT to get this into the hands of business owners and IT leaders everywhere."
Maniaci is a serial entrepreneur and one of the world's foremost experts in digital product marketing. Presently, he is CEO of eJam Inc., a performance-based online advertising and marketing company. Maniaci was the CEO and co-founder of TapIt!, a mobile advertising platform that sold to Phunware for $23 million in 2013. Earlier in his career, he was Managing Partner for iDials, a hosted PBX, predictive and autodialing platform that was sold in 2010.
The entrepreneur actively provides seed investment and incubation to technology and digital media startups. Among his present and past investments are Estimote, creators of the SpaceTimeOS for smart workplace applications, and PayDivvy, the first and only social bill-paying platform.
Maniaci's investment in Procure IT will leverage his interests and experience in technology and digital media.
"Procure IT hits the sweet spot for me – using technology to disrupt traditional ways of doing things and creating incredible value for business customers," said Maniaci. "I'm excited to back its mission of transforming IT procurement and management. And I'm eager to help tell the Procure IT story using the latest digital marketing platforms and techniques to ensure every business hears about a better way to source and manage their critical technology investments."