Levelpath Secures $55M in Series B Funding to Quadruple Revenue

Levelpath, a procurement software startup founded by Scout RFP's former duo, has raised $55 million in Series B funding led by Battery Ventures. The company aims to quadruple its revenue this year and counts Ace Hardware, Amgen, Coupang, and SiriusXM as customers. Levelpath's mobile-first, user-friendly platform integrates AI capabilities and addresses persistent procurement challenges. The investment signals confidence in Levelpath's fast growth and potential to disrupt a market dominated by legacy players.

Levelpath, a procurement software startup founded by the duo behind Scout RFP, has raised $55 million in Series B funding led by Battery Ventures. The company aims to quadruple its revenue this year and counts Ace Hardware, Amgen, Coupang, and SiriusXM as customers. Levelpath's mobile-first, user-friendly platform integrates AI capabilities and addresses persistent procurement challenges. The investment signals confidence in Levelpath's fast growth and potential to disrupt a market dominated by legacy players.

The funding round also saw participation from existing investors, including Benchmark, which led Levelpath’s $14.5 million seed round, and Redpoint, the lead investor in the $30 million Series A round announced in 2023. The startup was founded by Stan Garber and Alex Yakubovich, who previously worked at Workday for three years after Scout RFP was acquired for $540 million in 2019. During their tenure at Workday, Yakubovich and Garber identified persistent procurement challenges that motivated them to build a mobile-first, user-friendly platform.

Levelpath’s timing proved fortuitous; launching right as ChatGPT debuted has enabled the startup to integrate AI capabilities from its inception. The company now counts Ace Hardware, Amgen, Coupang, and SiriusXM as customers. The investment signals confidence in Levelpath’s fast growth and its potential to disrupt a market dominated by legacy players. Procurement software has long been controlled by outdated vendors like Coupa and Ariba, whose clunky systems often drive employees to bypass official processes. This “rogue” spending using corporate credit cards frequently results in overspending and missed opportunities for bulk discounts, according to Battery Ventures general partner Neeraj Agarwal.

The procurement software market was valued at $7.3 billion annually in 2023, according to Fortune Business Insights. Although Levelpath is a newer and likely smaller player compared to its main competitors — including Zip, valued at $2.2 billion last fall, and Oro Labs, backed by Felicis — the company seems to have all the right ingredients, including Agrawal, who led Battery’s Series B investment into Coupa and has joined Levelpath’s board. Techcrunch event Save $450 on your TechCrunch All Stage pass Build smarter. Scale faster. Connect deeper. Join visionaries from Precursor Ventures, NEA, Index Ventures, Underscore VC, and beyond for a day packed with strategies, workshops, and meaningful connections. Save $200+ on your TechCrunch All Stage pass Build smarter. Scale faster. Connect deeper. Join visionaries from Precursor Ventures, NEA, Index Ventures, Underscore VC, and beyond for a day packed with strategies, workshops, and meaningful connections. Boston, MA | July 15 REGISTER NOW

Yakubovich and Garber have been friends since attending high school in Ohio. They bonded over their shared heritage as immigrants from the former Soviet Union and a mutual interest in entrepreneurship. The pair have been working together for over 20 years, and their stated goal is to help customers enjoy, rather than avoid, using procurement software. While procurement might seem like a mundane business function, it offers a direct and significant return on investment by helping companies save money. “It makes the cash register ring because of these savings,” Agrawal said.

References:
[1] https://techcrunch.com/2025/06/30/next-gen-procurement-platform-levelpath-nabs-55m/
[2] https://www.stocktitan.net/news/DGNX/diginex-s-ai-driven-enhancements-poised-to-accelerate-customer-0f0fi7e5e2io.html
[3] https://www.businesswire.com/news/home/20250627629944/en/Levelpath-Raises-%2455-Million-to-Reimagine-Enterprise-Procurement-led-by-Battery-Ventures