The UK has a hot startup scene, thanks to its entrepreneurial spirit and ease of doing business. British procurement startups are also well-represented within this startup ecosystem.
We dive into 10 procuretech startups from the UK who are making waves in this space.
The 10 Hottest UK-based Procurement Tech Startups
Before we give you the list, we should briefly touch on what we’ve defined as a “Startup”.
- Less than 50 employees, according to data on LinkedIn.
- Less than 10 years old as a company.
- A company showing signs of growth i.e. numerous customers, and beyond launch stage.
If they are VC-backed, then they must be at pre-Seed or Seed stage. Anyone at Series A onwards, we would typically label as a Scaleup.
If you want to search the whole range of procurement tech companies out there beyond just startups, then check our our free software directory.
If you’re a consultancy, an investor, or a solution provider and need to do deeper analysis of the market, we also offer subscriptions to our back end database, with all data points searchable.
1. Paid
Paid is one of the leading British procurement startups offering invoice financing automation. This facilitates a complete transformation of how businesses transact with long tail suppliers in the procure-to-pay (P2P) cycle.
It offers buyers a more automated way to onboard and pay smaller suppliers, and suppliers the opportunity to get onboarded with customers faster and to get paid quicker.
Paid claims to benefit both large and small businesses, offering agility to the former and better access to opportunities for the latter.
Key Data:
- Founder / CEO: Tom Howsam
- Date Founded: 2018
- Visit Paid profile in our Software Finder
2. Canopy
Canopy is a vendor master data and supplier management platform that aims to provide complete visibility of your suppliers’ information.
It achieves this by delivering a single source of truth for your supplier data and automating business processes.
With Canopy, you can pull all the data about a supplier into a Vendor Master Record. It includes everything from finance and contract data to compliance, risk, and ESG assessments. Canopy also facilitates proactive risk management, monitoring critical supplier data and alerting users of incidents or non-compliant activity.
Meanwhile, search tools let you see the entire population of supplier profiles that match your criteria, all while Canopy’s intelligent onboarding engine ensures all suppliers are fully vetted and approved according to your governance framework. Supplier profiles include performance reviews, enabling your team to leave ‘star-based’ feedback giving a quick and easy numerical comparison.
As an enterprise SaaS platform, Canopy can be configured to meet your specific requirements, reflecting how your business is structured. The company also offers a tailored implementation service, regular business reviews, and a technical support desk.
Key Data:
- Founder / CEO: Nick Verkroost
- Date Founded: 2021
- Visit Canopy profile in our Software Finder
3. Suppeco
Suppeco is a cloud native, AI-driven project collaboration platform. It aims to enable any company, in any industry, to optimise their customer-supplier ecosystems to drive innovation and growth.
Suppeco’s SaaS subscription model scales to meet the needs of your company, whether it’s a global enterprise or SME.
The platform allows you to create bespoke environments, generating baseline and structure through its “4 Pillars Dynamic Infrastructure”, specifically geared towards effective KPI deployment, service measurement and improvement.
Suppeco’s KPI engine offers an extensive library of regularly updated and configurable KPIs.It also features a comprehensive custom KPI creation suite, designed to support the capture and tracking of any requirement.
Suppeco delivers live data insights from engagement-wide stakeholder communities, or from the field. There’s also no generic risk library – instead, Suppeco generates a dynamic risk engine that learns and updates as your supplier relationships evolve.
Additionally, real time communications functionality gives you immediate collaboration on service improvement planning between you and your suppliers.
Key Data:
- Founder / CEO: Sheldon Mydat
- Date Founded: 2017
- Visit Suppeco profile in our Software Finder
4. Acada
Acada is one of the emerging British procurement startups.
Their solution focuses on procurement project collaboration. Their software ‘digital procurement workspace’ is almost entirely aimed at increasing a procurement’s team productivity. It boasts ‘visibility, productivity, foresight’ and more concretely it seems to ease real-time team communication, keep a robust record automatically, task manage, and automate manual work.
Acada’s main selling points are their ability to provide an approach tailored to each client’s requirements and their enthusiastic team.
Key Data:
- Founder / CEO: Rich Sains
- Date Founded: 2019
- Visit Acada profile in our Software Finder
5. Supplier Day
Supplier Day is a UK-based procurement tech startup that helps companies to run virtual team experiences.
It assists in the running of online events which bring together your business’s partners, suppliers, and complementors.
This is intended to inspire and enable employees to generate new ideas and plans, while future proofing your business by optimising supplier engagement.
As experts at running digital events, Supply Day works with you to plan and execute unique supplier event experiences. It aims to provide you with expert consultancy and project management at every step of the planning process.
Supplier Day helps you to design unique and engaging supplier events. It then helps you to produce and execute on those events. Supplier Day can even be the audience-facing host for your planned supplier events.
The experience is delivered using an online platform which gives users all the benefits of a face-to-face meeting, along with advantages of online communication – such as easy data sharing online.
Key Data:
- Founder / CEO: Caitlyn Lewis
- Date Founded: 2020
- Visit Supplier Day profile in our Software Finder
6. Versed AI
Versed AI is a growing UK-based procurement startup offering a supply chain analytics solution.
It uses artificial intelligence (AI) to help businesses automate and streamline their procurement processes, and aims to help large enterprises gain deep, valuable and actionable insights into their supply chain sub-tiers.
The platform leverages advanced natural language processing (NLP) and machine learning algorithms to analyse and respond to supply chain developments in real-time.
It offers features including multi-tier supply chain mapping, risk management and compliance.
Versed AI is designed to learn and adapt to a company’s supply chain operations over time, becoming more efficient and accurate in its responses.
The platform can also be customized to suit the unique needs of your specific organization.
Key Data:
- Founder / CEO: Fenella Boyle
- Date Founded: 2019
- Visit Versed AI profile in our Software Finder
7. Axiom
Axiom is an e-procurement and supplier marketplace solution that revolutionises category management with its AI-powered controls and outcome-based automation.
The platform enables increased spend compliance and use of preferred suppliers, based on dynamic sourcing. Axiom provides a one-stop shop, enabling businesses to set up a single marketplace that caters to all indirect catalogue-based categories, regardless of language or currency.
The solution significantly streamlines supplier onboarding with S2P integration, creating a seamless buying experience. For suppliers, Axiom offers a Supplier Management Centre with tools to manage product data and client-specific marketplaces, enhancing the product visibility. This flexibility extends to commercial controls, with options like tiered pricing and a real-time AI-powered TruePrice© engine.
For buyers, Axiom transforms the purchasing process. Its dynamic search engine, integrated with S2P systems, offers personalised recommendations and efficient product comparisons. The platform supports buying from multiple suppliers, simplifying the checkout process.
Axiom’s insights provide real-time data for continuous improvement and adaptive commercial strategies. Its Procurement Control Centre allows for unprecedented control over catalogue strategy, moving the focus from spend to value.
Key Data:
- Founder / CEO: Alistair Cane
- Date Founded: 2020
- Visit Axiom profile in our Software Finder
8. Contingent
Contingent is an enterprise supplier risk assessment platform.
It provides tools and services which help procurement, compliance and operations leaders to build resilience across supply chains – detecting, mapping and monitoring risk.
Contingent offers solutions for due diligence, sourcing, ongoing monitoring, supply chain mapping and operational resilience
The platform keeps all your suppliers in one place. It collects data from thousands of sources across multiple insight domains, delivered into one platform – making it easier to assess new or existing suppliers.
Real-time updates allow you to proactively monitor your suppliers live, across your whole supply chain. You can also share supplier insights instantly – allowing you to react, engage strategically and collaborate with key stakeholders.
Contingent promises to move the world from reactive supply chain risk management to proactive supply chain risk monitoring.
Key Data:
- Founder / CEO: Tai Alegbe
- Date Founded: 2019
- Visit Contingent profile in our Software Finder
9. oboloo
oboloo is an early stage London-based startup. They provide a simple and intuitive procurement solution for source-to-contract for SMEs (small and medium-sized enterprises).
It covers and visualises the whole S2C process, as well as basic supplier management and savings reporting.
The platform consists of four modules.
eSourcing allows for sourcing planning by facilitating questionnaires and evaluations. The other three modules manage contracts, supplier relationships, and savings, providing full transparency of the procurement process and offering data-based insights to support development.
Key Data:
- Founder / CEO: Adam Thomas
- Date Founded: 2019
- Visit oboloo profile in our Software Finder
10. Deployed
Deployed is one of the small British procurement startups focusing on a niche solution for helping to draft a better Statement of Work. Its collaborative SoW platform aims to make it simple to define, track and review work.
The Deployed Work Author is an easy to use SaaS platform, giving you a simple way to justify, scope and agree services via digital Statements of Work.
Collaboration is built straight into the platform. Deployed enables you to easily share questions, sections and content within the Statement of Work directly with your team members and external service providers.
You can execute agreements with the platform, or publish to Source-to-Pay systems through Deployed’s modern APIs.
Additionally, you’re able to track work from idea to execution in one place with Deployed Insights and reporting functionality.
Key Data:
- Founder / CEO: Kayleigh Ciara Kuptz and Emma Rees
- Date Founded: 2019
- Visit Deployed profile in our Software Finder
Beyond British procurement startups
Has this tickled your curiosity about procuretech? Maybe you want to learn more about what solutions are out there, representing different areas of procurement.
Or perhaps you could use some help for how to search and select a provider for your organisation.
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