Washington, DC, June 13, 2019 --(PR.com
)-- Procurated, the leading platform enabling public sector organizations to incorporate peer reviews in their supplier selection process, announced that it has closed a $2.5M seed round led by Limerick Hill LLC and MayFive Holdings, Inc.
Procurated’s digital platform helps state and local government, educational, and non-profit purchasers across the country find the most qualified suppliers for their needs. Purchasers will be able to search candid reviews and ratings for information on the performance of specific suppliers, find qualified suppliers in hundreds of categories, and provide feedback on suppliers they worked with in the past.
Procurated is investing heavily in its digital platform to ensure the best possible user experience for procurement professionals. The financing is being used to support a pilot program with members of COSTARS - the Commonwealth of Pennsylvania’s cooperative procurement program - and to expand the product, marketing and operations teams in Washington, DC. The platform will be extended to procurement organizations nationally later this year.
“We started Procurated to solve one of the most critical challenges facing procurement officials, a problem I grappled with personally when I ran a multi-billion-dollar procurement office,” said David Yarkin, Founder and CEO. “Procurement leaders find it increasingly challenging to understand and evaluate the past performance of prospective suppliers because they often provide only cherry-picked references. By enabling candid supplier reviews from purchasing officials across the country, Procurated enables procurement professionals to make much more informed purchasing decisions,” said Yarkin.
“As longtime investors, we have looked for opportunities to invest in companies that rely on great teams to solve big challenges for their customers,” said Paul Finnegan, Managing Member of Limerick Hill LLC. “We are thrilled to lead Procurated’s current financing because we believe wholeheartedly that the company will help procurement officials nationwide serve their citizens and constituents by selecting the best qualified suppliers.”
The Procurated platform collects and shares verified reviews from procurement officials in state and local government, education, and non-profits – sectors representing a collective $3 trillion in annual spending. Its technology enables purchasers to leverage the experiences of their peers to make more informed decisions that save both time and money while increasing the quality of their suppliers. Procurated was founded in 2019 by David Yarkin and is headquartered in Washington, DC. Learn more at: www.procurated.com.
About Limerick Hill LLC
Limerick Hill LLC is the private investment arm of the Finnegan family of Chicago. Paul Finnegan is the Co-CEO of Madison Dearborn Partners, a Chicago-based private equity firm he co-founded more than 30 years ago. Limerick Hill is an investor in several companies, including AIA Corporation and Government Sourcing Solutions.
About MayFive Holdings, Inc.
MayFive Holdings is an investor in entrepreneurial ventures that seek to improve the performance of public sector institutions. Based in Washington, DC, its other portfolio companies include Government Sourcing Solutions.