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Procural Has Secured $1.2 Million In Seed Investment

The Bahrain-based startup is set to scale and expand the reach of its innovative platform.

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procural has secured $1.2 million in seed investment

Procural is an AI-driven procurement service that matches B2B vendors and buyers using advanced algorithms and data. The platform offers a cloud-based infrastructure, customizable workflows, automated purchase orders, and real-time budget tracking.

Now, the Bahrain-based startup has secured a seed investment of 1.2 million USD from Flagship Holding and BenchMatrix in a bid to accelerate product development and boost market growth.

“We found a gap in the market and have developed a secure, scalable solution that can be accessed from anywhere. By streamlining the purchasing process, businesses can save time and money while ensuring compliance with their procurement policies. This investment is a validation of our platform’s credibility and potential, and we’re excited to work with Flagship Holding and BenchMatrix to take Procural to the next level,” says Uzair Usman, the chief executive and co-founder of Procural.

Also Read: Areeba To Bring Biometric Payment Authentication To MENA

With an extensive suite of data-driven analytical features, Procural helps businesses to manage procurement, track spending, and identify opportunities for cost savings and improvements in process efficiency. The platform helps to digitize the entire procurement process flow, from request to fulfilment, increasing their clients’ sourcing outreach.

With the new funding, Procural will expand its team, improve the platform’s feature set, and accelerate growth, helping the company to become the go-to procurement solution for businesses looking to streamline their workflows.

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LEAP 2024 Will Shine A Light On Female Innovators In Technology

Women comprise nearly a third of the event’s speaker lineup alongside a dedicated program of high-level content, investment, and mentorship.

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leap 2024 will shine a light on female innovators in technology

LEAP 2024, a premier global technology event, will highlight the achievements of women in the technology sector as it returns for its third edition at the Riyadh Exhibition and Convention Centre in Malham district from March 4 to 7.

Hosted by Tahaluf, a strategic collaboration between Informa PLC, the Events Investment Fund (EIF), and the Saudi Federation for Cybersecurity, Programming, and Drones (SAFCSP), LEAP 2024 will feature a dedicated program titled “Women in Tech”. The program will offer enriching content, investment opportunities, networking sessions, mentorship programs, and a special startup award.

leap 2024 event women in tech

The initiative aims to inspire women to actively participate in the technology industry, aligning with broader diversity efforts. Reflecting the Kingdom’s commitment to equality, the focus on “Women in Tech” coincides with the increasing female participation at LEAP events.

Annabelle Mander, Senior Vice President of Tahaluf, emphasized the event’s commitment to gender inclusivity, stating, “Female representation is across all of LEAP’s features and reflects the event’s mission of driving economic diversification and providing market access to international business. Within Tahaluf itself, half of our team members are women, and women make up half of our SMT, too”.

Also Read: Saudi Arabia Aims For 70% Cashless Transactions By 2025

The “Women in Tech” program will feature distinguished speakers including Nadine Hachach Haram, CEO and Founder of Proximie, and Sahar Albanarna from IMPACTIQUE Bahrain, who explained: “Over 26 million women worldwide with professional experience and degrees are not in the global workplace. This demographic includes a huge pool of untapped talent which technology can help unleash to fuel the co-creation of exponential solutions across multiple sectors. To help women access productive employment, we urge industry leaders to support high-impact female entrepreneurs as a means to boost their economies and accelerate the UN’s sustainable development goals by promoting inclusive and sustainable economic growth”.

The event will also provide a platform for female-led startups and entrepreneurs to pitch for funding and support through various initiatives such as the Women’s Investor Forum, Entrepreneur Mentorship Scheme, and the Aviatrix Award at the Rocket Fuel pitch competition, offering a prize fund of US$150,000.

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