Procurement startup BlueBean launches with $1.3m to help businesses save on expenses

BlueBean, an all-in-one procure to pay solution, has launched with $1.3 million in capital. The funding round was led by Tola Capital and partner Aaron Fleishman joins as a board member. Created in 2023 by procurement expert and former Coupa Software VP Fabrice Saporito, BlueBean helps businesses manage their expenses.

Larger businesses make use of professional procurement teams to get lower prices from vendors. However, a large market of 90% of global businesses buy without a procure to pay solution or team to help negotiate prices or ensure compliance. BlueBean offers a new way to run procurement with a browser extension that helps businesses easily manage their expenses. It targets companies without procurement organizations to help them increase profits by decreasing purchasing costs.

BlueBean’s discount codes and negotiated prices on 20+ purchase categories and thousands of products and services give a head start to any organization that does not have an in-house procurement team, while empowering them to make purchases that are within their rule set, without delaying the process with extra steps or people.

Fabrice Saporito, Co-founder and CEO, BlueBean: "BlueBean offers procurement, simplified. We give you the deals as part of the package. We’re your team, tech and policy – all in one single extension that accesses the best prices with an easy user experience that requires zero software, supplier onboarding or training. We’re excited to have Tola on board with its expertise and commitment to our shared vision of a transformational product experience that delivers discount pricing and cost savings directly to businesses.''

Aaron Fleishman, Partner, Tola Capital: ''The BlueBean team has been successfully pioneering the procurement industry for the past 25 years. We’re thrilled for the opportunity to partner with them as they build out an easy to use procurement product experience for a large part of the market that has been underserved to date.'' 

With the new capital, BlueBean will primarily invest in product development and support resources to ensure customer success. The company plans to onboard its first customers that have already signed up during the beta period.

www.bluebean.ai