Earlier this year, a prominent French tech company initiated a new policy, mandating the submission of an email to the CEO for every purchase exceeding €1,000. This was a response to their inadequate procurement management tools.
Enter Pivot, an innovative French startup poised to revolutionize expenditure management solutions. Pivot aims to collaborate with rapidly expanding startups in need of procurement solutions. Instead of opting for legacy business expenditure management systems from established ERP vendors, Pivot aspires to become the go-to, comprehensive procurement system for these budding enterprises.
At the helm of this startup are three seasoned co-founders. Romain Libeau, who previously served as one of Swile’s early employees and later as the Chief Product Officer for the French unicorn, brings his expertise to the table. Marc-Antoine Lacroix, with his extensive experience as the Chief Technology Officer and Chief Product Officer at Qonto, contributes valuable insights. Estelle Giuly, a seasoned workflow engineer, has worked with various enterprise companies and Wave.ai.
Romain Libeau explained, “I worked extensively on operations at Swile, particularly focusing on internal tools. I observed a sequence where, initially, our goal was to acquire as many customers as possible, so we concentrated on tools for our go-to-market strategy and sales, mainly Salesforce. Then, as we amassed a significant customer base, we shifted our attention to customer service and our customer success team.”
He continued, “The final piece of the puzzle is how effectively you manage your financial flows,” and that’s where Pivot comes into play.
Typically, when companies hire a head of procurement, they embark on a process of listing requirements and issuing tenders. They often choose between Oracle NetSuite’s procurement component or Coupa, but integrating these solutions can take months, and procurement teams frequently feel they utilize only a fraction of the features.
Pivot is not the sole startup aiming to enhance procurement; similar endeavors exist in the U.S., with Zip and Levelpath securing substantial funding. Romain Libeau acknowledged, “There are specific regional and European aspects related to compliance and the payment ecosystem.”
The presence of successful American startups underscores the substantial market potential, leading Pivot to raise an impressive $5.3 million in pre-seed funding (€5 million). This funding came from multiple VC firms, including Visionaries, Emblem, Cocoa, Anamcara, and Financière Saint James, as well as notable entrepreneurs and investors like Loïc Soubeyrand (Swile founder), Steve Anavi (Qonto co-founder), Hanno Renner (Personio co-founder), Oliver Samwer (Rocket Internet co-founder), Pierre Laprée, Alexis Hartmann, and Alexandre Berriche.
Pivot has been rapidly advancing, with product development commencing in the summer following the April funding round and a September launch, serving its first client, Voodoo.
Romain Libeau emphasized, “We’re taking a gradual approach because, as I always remind our team, haste makes waste. By year-end, we anticipate having around ten customers. We’ve secured the deals, but we’re being cautious not to rush into anything.”
A Streamlined Purchase Order Workflow for All For employees of large companies accustomed to completing purchase orders, the process can be cumbersome and confusing, with numerous fields to fill out and uncertainty about what to include in each one. Many employees seek ways to bypass purchase orders altogether.
Pivot is well aware of these challenges and has developed a tool to simplify the purchase order (PO) workflow. Admins can configure workflows directly through Pivot’s user-friendly interface, without the need for coding skills. For instance, a substantial purchase from a software vendor may trigger security, IT, and legal reviews. Pivot relies on third-party integrations and a user-friendly interface to accommodate these needs.
Pivot seamlessly integrates with your existing technology stack, retrieving the company’s organizational structure for approval workflows from the HR system and budget information from tools like Pigment and Anaplan. It also interfaces with communication platforms like Slack, Microsoft Teams, and Jira.
Furthermore, Pivot integrates with ERP software (such as NetSuite and SAP), ensuring that vendor information, cost centers, compliance rules, and more are automatically updated once a purchase order gains approval.
Countering the common issue of time-consuming approvals and protracted workflows, Pivot seeks to enhance spend management without impeding business teams. Its launch comes at an opportune time, as many companies are reassessing their spending practices.
