Procurement might not be flashy, but it’s one of the biggest untapped opportunities in enterprise tech—and Levelpath is making a bold move to modernize it. The procurement software startup, launched by the same team that built and sold Scout RFP for $540 million, just raised $55 million in Series B funding to scale its AI-powered platform.
The new round was led by Battery Ventures, with strong follow-up from Benchmark and Redpoint, both of which backed the company in earlier rounds. Altogether, Levelpath has now raised nearly $100 million. With this funding, the company plans to quadruple its revenue in 2025, a sign of rapid traction in a market long dominated by outdated incumbents.
Founders with a Proven Track Record Rebuild Procurement from Scratch
Behind Levelpath are Stan Garber and Alex Yakubovich, longtime friends and business partners with a knack for turning dull enterprise tools into something people actually enjoy using. After selling Scout RFP to Workday, they spent three years inside the tech giant, observing just how frustrating procurement tools could be. That experience inspired them to start over—with a modern, mobile-first platform built from the ground up.
Their timing couldn’t have been better. Launching just as ChatGPT exploded onto the scene, Levelpath quickly integrated AI into its DNA. The platform can analyze unstructured contract data, surface smarter purchasing suggestions, and recommend more cost-effective options—automating what used to take days of manual work.
The company now serves major clients like Ace Hardware, Amgen, Coupang, and SiriusXM, all drawn to the simplicity and intelligence of Levelpath’s approach.
Procurement’s Legacy Problem and Levelpath’s Opportunity
For decades, procurement software has been controlled by clunky platforms like Coupa and Ariba. These systems are so frustrating to use that employees often bypass them altogether—opting instead for corporate cards, rogue purchases, and missed savings. But with procurement typically ranking as a company’s second-biggest expense after payroll, that kind of inefficiency is costly.
According to Battery Ventures’ Neeraj Agrawal, who previously invested in Coupa and is now joining Levelpath’s board, the market is overdue for change. And Levelpath is in the perfect position to deliver it.
“They’re respected builders, they follow through, and customers want to work with them,” Agrawal said. “This software isn’t just saving time—it’s making the cash register ring.”
The procurement software market is already worth $7.3 billion annually, per Fortune Business Insights. While newer players like Zip and Oro Labs have attracted attention and hefty valuations, Levelpath’s momentum and leadership give it a compelling edge. With Agrawal’s experience scaling Coupa to IPO and beyond, his involvement adds serious weight to Levelpath’s mission.
Garber and Yakubovich—immigrant founders who’ve been building companies together since high school in Ohio—are clear about their vision: make procurement software that people actually enjoy using. If Levelpath succeeds, they won’t just save businesses money—they’ll reshape a sleepy corner of enterprise software into a vibrant, AI-powered engine for smarter spending.
