Nizel Pradhan
Focal Point, provider of an end-to-end enterprise procurement management platform, today released an overview of its YoY growth. The momentum builds on H2 2022 growth, which came on the heels of the company’s $3M Seed investment in June. Focal Point is seeing significant traction as enterprise procurement leaders adjust to major digital shifts and seek solutions that integrate all procurement activity including intake and triage, execution and collaboration, and performance management.
Since its founding, Focal Point has empowered enterprise Chief Procurement Officers to move up the digital maturity curve across every aspect of the procurement process. CPOs have invested heavily over the past 25 years in various procurement solutions but have increasingly lacked a way to unify all of their siloed data and processes. This has prevented them from truly maximizing the ROI of existing investments in a way that transforms procurement from a cost center into a strategic driver of growth. This is critical as companies face continued economic headwinds going into 2023.
“The past year has further spotlighted the core challenges and opportunities for Chief Procurement Officers and other C-suite leaders involved in managing operations, cost savings and financial risk,” said Anders Lillevik, Focal Point CEO. “Our growth is the direct result of the success of our customers who realize the value of full-scale visibility of procurement across IT and business units. As we move into 2023, we remain committed to providing the innovation and support that empowers companies to reimagine procurement and derive exponential productivity and value from their software investments.”
2022 Full Year Highlights Include:
Company Growth and Milestones
- Grew its customer base by 100%
- Scaled to 30 employees
Revenue and Funding
- Achieved 80% revenue growth in the US
- $3 Million Seed Funding Round from Susa Ventures, Amplo, GoPoint Ventures, Bungalow Capital, MXV and Operator Partners
New Product Innovations and Integrations
- Supplier.io for supplier diversity information
- Market Dojo for RFP facilitation
- Arkestro for procurement selection process orchestration and predictive sourcing
Key Partnerships and Projects
- Partnered with Wonder Services to develop a customized plan and lead the tech implementation for Focal Point’s solution from discovery through deployment and ongoing adoption
Industry Recognitions
- Nominated to Spend Matters Future 5 List
- Recognized as a Top Tech Startup by Food Logistics and Supply & Demand Chain Executive
About Focal Point
Focal Point empowers enterprise Chief Procurement Officers to fully modernize and optimize their operations. With its end-to-end procurement management platform, procurement teams can maximize the value of every dollar spent, ensure the safety and security of all transactions, and ultimately enhance the customer experience. Focal Point’s platform integrates seamlessly with legacy procurement infrastructure, ensuring maximum ROI on existing investments. Global brands manage their procurement with Focal Point. The company was founded in 2020 and is headquartered in Atlanta. For more information, please visit https://www.getfocalpoint.com/.
