Pivot Raises $40 Million Series B to Replace Legacy Procurement Software with an Enterprise AI Operating System

DoorDash, Lemonade, and Flix bet on Pivot’s agentic AI to take the manual grind out of enterprise procurement

NEW YORK, May 21, 2026 (GLOBE NEWSWIRE) -- Pivot, the AI operating system for procurement, today announced that it has raised $40 million in a Series B funding round, taking the total amount raised since the company’s founding in 2023 to $70 million. The oversubscribed round was led by Forestay Capital and Notion Capital, with participation from Greyhound and procurement industry veterans, including the former Global VP Sales at Ariba and the founder of EcoVadis, as well as existing investors including Hedosophia, Visionaries Club, and Emblem.

The capital will accelerate further development of Pivot's agentic AI capabilities, expand into new enterprise markets, and deepen integrations with ERPs and financial systems across complex enterprise environments.

Pivot currently operates in more than 25 countries, serving enterprise customers including DoorDash, Lemonade, and Flix, and processes $3 billion in invoices annually. Pivot's customer momentum reflects growing enterprise demand for a procurement platform that combines agentic AI capability with financial rigor.

DoorDash selected Pivot to support its European entity, and is also working with Pivot to enhance parts of its current procurement stack for intake and vendor onboarding processes. The engagement reflects the need for flexible solutions that can support complex operating environments while integrating into existing systems.

"Pivot stood out for its ability to support complex operational needs while seamlessly fitting into our existing environment. For Wolt, and related intake and vendor onboarding workflows, we saw an opportunity to improve speed, flexibility, and user experience." – Gordon Lee, Chief Accounting Officer, DoorDash

Neither legacy software nor modern intake tools have fixed procurement

For most enterprises, procurement remains one of the least automated functions. Spend commitments travel through disconnected, outdated systems, email threads, spreadsheets, and manual approval chains, leaving finance teams with limited visibility until long after commitments have been made. This results in difficult closes, weakened forecasting, and teams spending too much time reconciling what the business planned to spend with what was recorded in the books.

Legacy procurement platforms have long promised to fix this. Too often, they deliver painful implementations, heavy administrative overhead, and rigid architectures that introduce more friction than they remove. A newer generation of intake and orchestration tools has improved the user experience at the front end, but leaves the data architecture and ERP integration challenges untouched. The AI features bolted onto both have largely fallen flat across enterprises, constrained by the fragmented data and disconnected systems underneath.

“Enterprise procurement has been overdue for a generational shift. Pivot is among the rare companies building an agentic AI‑first platform, with the architecture, customer traction, and timing to define this category for the next decade. We are proud to be backing such a strong and visionary founding team as they reshape how enterprises run procurement.” – Deborah Pittet, Partner, Forestay Capital

An AI operating system built for procurement

Pivot fills the gap between legacy platforms and lightweight intake tools with an enterprise-grade AI operating system built from the system of record up. The platform manages the complete procurement lifecycle—sourcing, approvals, purchasing, invoicing, payments, budgets, expenses, and reporting—in a single modern platform.

The platform maintains the integrity of the ERP while giving procurement and finance teams real-time visibility into committed spend before it becomes exposure. Agentic workflow configuration, real-time integrations with dozens of ERPs, and support for complex multi-entity environments allow organizations to move faster while maintaining stronger financial discipline.

For Pivot, the funding marks an inflection point in how finance and procurement leaders think about control.

"Finance and procurement leaders tell us the same thing: they don't need another workflow layer. They need to know what the business is committing to spend before it becomes a problem at close. Pivot gives enterprises that visibility, reinforced by agentic AI that shifts the manual grind from a human burden to a machine burden. This funding lets us bring that approach to more customers, more markets, and more complex enterprise environments." – Marc-Antoine Lacroix, Co-Founder, Pivot

Investors see Pivot as the category-defining enterprise bet in a market legacy incumbents have failed to modernize.

"Procurement is one of the last major enterprise functions still waiting to be rebuilt for the AI era. The category is dominated by legacy solutions that rely on cumbersome manual processes. Pivot is the only player reimagining it from the system-of-record up to serve agentic workflows. Owning the data layer end-to-end is what lets agentic AI operate inside the flow of procurement work with complete context. What Pivot is doing is game-changing, and we're excited to be part of its journey." – Jessica Thomas, Partner, Notion Capital

About Pivot

Pivot is the AI operating system for procurement. It gives organizations real-time visibility into committed spend, maintains financial integrity, and automates the workflows behind purchasing, invoicing, payments, and reporting in a single platform. Fast to implement, easy to adopt, and built for enterprise complexity, Pivot delivers the clean data, connected workflows, and financial discipline that modern procurement and AI depend on. Learn more at pivotapp.ai

About Forestay Capital

Founded in 2018, Forestay Capital is a leading early‑growth technology investment firm based in London and Geneva. Forestay partners with Enterprise AI technology companies at key growth inflection points, working closely with founders as they scale into category leaders. The firm combines growth capital with hands‑on operational support and access to an extensive network of experienced operators, advisors, and industry experts.

Forestay Capital is part of B‑FLEXION, a private entrepreneurial investment firm chaired by Ernesto Bertarelli, which seeds, acquires, and builds long‑term investment partnerships, while also making principal investments in operating businesses across transformative industries.

About Notion Capital

Notion Capital is Europe’s leading early-stage business software investor, with more than $1B assets under management and more than 100 investments to date. It comprises a team of former entrepreneurs and operators that aim to be the investors they wish they’d had. The Notion portfolio includes Currencycloud (acquired by Visa), GoCardless, Mews, Black Forest Labs, Paddle, Quantum Systems and Aikido Security.

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