BlueBean, an all-in-one procure to pay solution, today announces its launch 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.
“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,” said Fabrice Saporito, co-founder and CEO of BlueBean. “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.”
Businesses can sign up for BlueBean’s all-in-one procure to pay solution now to reduce costs and increase profitability with:
- Extensive savings – Access discounted prices through coupon codes at check outs or from partner’s websites
- Control spending – Set your own rules and empower your team to buy what your business allows, without delay, and within the budget you set
- Secure payment – Minimize risk by automatically issuing a secure virtual card for every approved online purchase transaction
- Real time visibility – Track every dollar spent, monitor how much you have saved and whether to approve off spend limit purchase requests
- Low maintenance accounting – Map payment metadata to your expense accounts and get all your transactions automatically allocated for easy month-end closings
“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,” said Aaron Fleishman, Partner at Tola Capital.
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.
To learn more about BlueBean, visit https://bluebean.ai/.
About BlueBean
Based in Boston and founded in 2023, BlueBean is procurement simplified that offers an all-in-one procure to pay solution. The company was founded by procurement experts and offers a new way to help businesses easily manage their expenses. To learn more, visit https://bluebean.ai/.
About Tola Capital
Tola Capital is a venture capital firm that believes in the power of software, data, and AI to transform the way the world works. Founded in 2010 by experienced software operators at the forefront of cloud computing’s rise, the firm backs early-stage founders who are building disruptive, industry transforming, enterprise solutions with exceptional and diverse teams. To learn more, visit: https://tolacapital.com/
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