Naboo Secures $70M for AI Event Procurement Platform
▼ Summary
– Naboo, a Paris-based AI procurement platform for corporate events, has raised $70 million in a Series B funding round led by Lightspeed Venture Partners.
– The company’s platform aims to consolidate the fragmented process of planning, booking, and controlling corporate events into a single, transparent system.
– Naboo has grown rapidly, becoming a leader in Europe and expanding its biggest market to the UK after opening a London office.
– With the new funding, Naboo is expanding globally, opening a New York hub and planning to extend its AI platform beyond events to manage broader “tail spend” or Class C purchases.
– The company has ambitious targets, including tripling revenue in 2026 and exceeding $1 billion in business volume by 2027, betting on AI to reshape enterprise spending.
Paris-based technology firm Naboo has successfully closed a significant $70 million Series B funding round. This substantial investment, led by Lightspeed Venture Partners, will fuel the company’s aggressive expansion plans and its vision to become the essential digital backbone for corporate event management. The funding arrives just one year after Naboo’s €20 million Series A, signaling strong investor confidence in its AI-driven approach to streamlining a complex, high-value industry.
Naboo operates an AI-powered procurement platform designed specifically for corporate events. The platform consolidates the entire process, from sourcing venues and coordinating travel to managing suppliers and controlling budgets. Founded in 2022, the company addresses a notoriously fragmented sector within the massive global events market, valued at approximately $400 billion. By injecting automation and intelligence into a traditionally manual workflow, Naboo aims to bring the same level of oversight and optimization to events that companies expect for other strategic expenditures.
The core premise is that corporate events represent a major area of spend that often falls outside standardized procurement systems, managed through a chaotic mix of emails, spreadsheets, and phone calls. Naboo’s solution centralizes this process, offering transparency and control. This value proposition has gained particular traction with large enterprises in the United Kingdom, which has become Naboo’s largest market outside of its home country in France.
With this new capital, Naboo is accelerating its international growth. A key part of this strategy is establishing a new operational hub in New York City to drive its expansion into the United States market. The move is predicated on serving multinational clients who desire a single, unified system to manage events across different geographies, teams, and currencies.
Looking beyond event management, Naboo has a broader ambition for its technology. The company plans to extend its AI procurement platform into managing “tail spend” or Class C spending. This category encompasses a vast number of small, infrequent purchases that are difficult to track with traditional procurement software but collectively represent a substantial financial outlay. Naboo’s goal is to provide companies with a consolidated, AI-enhanced view of all discretionary spending, starting with events and gradually expanding to other categories.
The company has set aggressive growth targets, aiming to triple its revenue in 2026 and to facilitate over $1 billion in total business volume by 2027. Its success will ultimately hinge on convincing large organizations to centralize spending processes that have long been decentralized and informal. Naboo’s trajectory suggests that the next phase of enterprise artificial intelligence may focus not just on data analysis, but on actively reshaping and automating the fundamental ways companies allocate and spend their money.
(Source: The Next Web)
