Platform that lets buyers review suppliers gets $10m funding

3 December 2021

A digital platform for rating and reviewing public sector suppliers has secured $10m of funding.

Procurated allows US public sector buyers to share experiences of suppliers to reduce the risk of picking those with “spotty records”.

The latest round of financing, led by venture capitalist Greycroft, brings total investment in the company to $15m.

Since it was established in 2019, Procurated has collected more than 34,000 reviews of 10,000 suppliers from 8,000 verified public sector employees of state and local governments, universities and school districts.

Buyers can use filters to search for the types of suppliers they are looking for, including highly rated suppliers who have been certified as small, minority, women or veteran-owned business enterprises by official certifying bodies. The performance of suppliers on a contract can be compared.

Procurated was launched by former Pennsylvania state chief procurement officer David Yarkin. He said recently the procurement profession had taken centre stage in national affairs.

“With that spotlight comes increasing scrutiny over the contracting decisions made every day in state capitols, city halls and school district offices,” he said.

“Through our growing community of thousands of purchasers sharing their supplier experiences, Procurated is instilling more trust and confidence in those decisions and reducing the risks of picking suppliers with spotty or unknown track records.”

Greycroft co-founder and chairman Alan Patricof said: “Government and education buyers spend $1.5tn annually on goods and services that directly impact citizens’ lives. But for too long they have lacked reliable performance data to help make informed decisions.”

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