Pivot raises $40M Series B for AI procurement OS targeting enterprises

Pivot, the procurement-software startup with dual headquarters in Paris and New York, has secured $40 million in Series B funding to accelerate its expansion. The round was led by Forestay Capital and Notion Capital, pushing the company’s total capital raised since its 2023 founding to $70 million.

The oversubscribed round attracted investors including Greyhound and several prominent procurement-industry figures, such as Ariba’s former Global VP of Sales and the founder of EcoVadis. Existing backers Hedosophia, Visionaries Club, and Emblem also participated. In European reporting, the round is listed as €34.4 million, with cumulative funding reaching €60.2 million.

Pivot now operates across more than 25 countries and processes $3 billion (roughly €2.5 billion) in invoices annually. Its enterprise client roster includes DoorDash, Lemonade, and Flix. DoorDash adopted Pivot for its European operations and is using the platform to upgrade intake and vendor-onboarding workflows within parts of its existing tech stack.

Gordon Lee, DoorDash’s Chief Accounting Officer, highlighted the platform’s value in the announcement. “Pivot stood out for its ability to support complex operational needs while seamlessly fitting into our existing environment,” he said. “For Wolt, and related intake and vendor onboarding workflows, we saw an opportunity to improve speed, flexibility, and user experience.”

The fresh capital will fund deeper agentic-AI capabilities, expansion into new enterprise markets, and enhanced integrations with ERPs and financial systems. Co-founder Marc-Antoine Lacroix framed the company’s mission clearly. “Procurement and finance leaders are not asking for another workflow layer,” he stated. “They need to know what the business is committing to spend before it becomes a problem at close. Pivot gives enterprises that visibility, reinforced by agentic AI that shifts the manual grind from a human burden to a machine burden.”

The product Pivot is replacing has been notoriously slow to evolve in enterprise software. Procurement at large companies still relies on disconnected systems, email threads, spreadsheets, and manual approval chains, leaving finance teams blind to committed spend until it has already moved. Legacy platforms have promised fixes for two decades but delivered painful implementations and rigid architectures. Newer intake-and-orchestration tools improved the front end but left the underlying data layer untouched. AI features bolted onto both generations have mostly underperformed due to fragmented data.

Pivot’s core pitch is that it built the system of record from scratch, with agentic workflows configured on top, rather than retrofitting AI onto an existing procurement stack. The platform covers sourcing, approvals, purchasing, invoicing, payments, budgets, expenses, and reporting within a single environment, featuring real-time ERP integrations and support for multi-entity enterprise structures.

Lead investor Deborah Pittet of Forestay Capital explained the category logic. “Enterprise procurement has been overdue for a generational shift,” she said, adding that the combination of architecture and traction makes Pivot a defensible bet against incumbent platforms.

The funding round arrives during a busy period for European agentic-AI enterprise software. Dust closed its own $40 million Series B earlier this month, focusing on frictionless distribution inside existing communication surfaces. Synera raised $40 million for agentic AI in engineering workflows. Pivot now joins as the third European $40 million-tier enterprise agentic-AI raise within a month. Each company targets a different vertical slice of the same broader bet: that the next generation of enterprise software will be defined by agents operating inside the flow of work, not by static workflow layers.

Notion Capital partner Jessica Thomas articulated the firm’s perspective. “Procurement is one of the last major enterprise functions still waiting to be rebuilt for the AI era,” she said, noting that legacy solutions remain reliant on manual processes. “Pivot is the only player reimagining it from the system-of-record up to serve agentic workflows.”

Pivot did not disclose the round’s valuation, the headcount target the new capital will fund, or specific timing for the planned ERP-integration expansions. Following the company’s $21.6 million initial round in December 2023, the Series B marks the second institutional round within thirty months. The next visible proof point will be how quickly the announced expansion pulls the customer roster beyond the current DoorDash-Lemonade-Flix anchor and into the deeper end of multi-entity Fortune 500 procurement.