Paid raises £2.2m in seed funding led by Crane to expand its enterprise procurement platform.
The seed round was led by Crane with participation from Seedcamp, Techstars and several prominent angel investors.
Paid provides a procurement automation platform designed to help enterprises manage suppliers and streamline onboarding. The company operates from Darlington and London.
Procurement platform Paid has secured £2.2m in seed financing to scale its operations and expand its team. The investment round was led by Crane, with additional backing from Seedcamp, Techstars, and a group of angel investors.
The company seeks to address friction in enterprise procurement, reducing onboarding times and cutting costs for buyers and suppliers alike. With supply chain disruptions affecting many businesses, the fresh capital will support the firm as it grows its client base and doubles its headcount.
From the founder
"Every SME who has ever dealt with large enterprises knows the pain and the time it takes to do even a simple thing like onboarding as a supplier, signing a contract, or getting paid on time. What they may not know is that that frustration is usually shared by the enterprise buyer, whose internal, one-size fits all process means they can’t move quickly."
Tom Howsam
Co-Founder and CEO at Paid
Investor perspective
"Paid offers an intuitive software-as-a-service platform that reinvents the procurement process. For enterprises and small suppliers alike, using Paid is a no-brainer, making it easier to manage a diverse supply chain through uncomplicated software. We are proud to back Paid as it builds a new category for supplier management in procure-to-pay transformation for enterprises."
Krishna Visvanathan
Founding Partner, Crane
Use of funds
- 01Grow the team
