Relish is poised to accelerate growth as the market leader in micro applications, AI assistants, and other solutions that drive greater efficiency, optimization, and fraud protection for enterprise procurement processes
CLEVELAND, Feb. 29, 2024 /PRNewswire-PRWeb/ -- Relish, the leading provider of solutions for businesses to optimize procurement systems and processes, today announced it closed a $10M Series A funding round from Boston-based growth equity firm, Volition Capital. Since its founding in 2020, the company rapidly established itself as a dominant provider of solutions that enable customers to optimize and maximize the value of their existing procurement software investments such as SAP, Coupa, and Workday.
The procurement software market size is projected to grow from $6.67 billion in 2022 to $13.80 billion by 2029. Consumer goods, energy, financial services, healthcare, and public sector businesses have invested heavily in enterprise software to manage procurement processes and spend. Relish fills the gaps in existing enterprise software functionality. The company's solutions are not meant to compete with or replace broader S2P suites, but instead to maximize the potential of currently deployed technology by protecting against third-party risk, validating supplier data, and automating invoicing.
Relish differentiates itself with its technology and approach with very purpose-driven solutions within the broader procurement ecosystem. Large S2P application providers offer certain native solutions for intelligent business process automation and data management, but there has been a massive market opportunity to solve some of the software whitespaces with B2B integrations. Relish seized this opportunity and is now an integral part of the technology partner and app ecosystems of Coupa, SAP, and Workday.
"We founded Relish with over 20 years of experience selling, implementing, using, and consulting on enterprise software. During this time, we saw a pattern of the same critical business challenges that required a significant amount of customization work that frequently fell outside the original scope of work," said Ryan Walicki, Relish founder & CEO. "The need for custom solutions for most enterprise software users was very apparent and our mission with Relish is to help businesses to maximize their existing IT investments. This partnership with Volition Capital will enable us to achieve our goals for continued sustainable and profitable growth."
The investment and partnership from Volition Capital will enable Relish's continued investment in AI capabilities that make enterprise applications simpler and more intuitive. The company will continue to develop solutions that transform the way businesses handle their procurement systems and processes. Relish will also focus on talent acquisition and is on track to grow the team (currently 60) to 75 by the end of 2024.
"While the dominant spend management platforms serve a critical role in enterprise procurement processes, they've hit an inflection point in terms of the ability to solve every single need from sourcing to payment," said Roger Hurwitz, Volition Capital. "These large vendors are increasingly leveraging third-party developer ecosystems to fill in critical gaps and Relish is well positioned to lead this space. The leadership team understands the industry pain points and has a strong vision for how AI and intelligent process automation can fundamentally transform procurement."
About Relish
Relish empowers businesses to maximize the value of their existing enterprise software investments. The company provides solutions that protect against third-party risk, validate supplier data, and automate invoicing. Relish's AI-powered Procurement Assistant seamlessly integrates into existing systems and uses natural language conversations to provide real-time answers on spend analysis and other core procurement functions. Some of the world's most recognized brands including Pepsi, PayPal, Foot Locker, and Moody's use Relish's solutions. The company was founded in 2020 and is headquartered in Ohio. For more information, visit https://relishiq.com/.
About Volition Capital
Volition Capital is a Boston-based growth equity firm that principally invests in high-growth, founder-owned companies across the software, Internet, and consumer sectors. Founded in 2010, Volition has over $1.7 billion in assets under management and has invested in and/or provided sub-advisory advice to more than 40 companies in the United States and Canada. The firm selectively partners with founders to help them achieve their fullest aspirations for their businesses. For more information, visit http://www.volitioncapital.com or follow us on Twitter @volitioncapital.
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SOURCE Relish
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