Levelpath just raised $55 million in Series B funding led by Battery Ventures. The procurement startup plans to quadruple revenue this year.
Existing investors Benchmark and Redpoint joined the round. Levelpath is run by Scout RFP founders Stan Garber and Alex Yakubovich. Scout RFP was acquired by Workday for $540 million in 2019. After three years at Workday, Garber and Yakubovich built Levelpath to tackle procurement issues with a mobile-first platform.
Launching alongside ChatGPT’s debut, Levelpath embedded AI from day one. The platform analyzes contracts and suggests cheaper, similar products. Customers include Ace Hardware, Amgen, Coupang, and SiriusXM. 
Battery Ventures general partner Neeraj Agarwal, who led the Series B, sees Levelpath as a disruptor against legacy procurement giants like Coupa and Ariba. These old systems often push employees to sidestep official processes, leading to overspending.
Procurement is a massive market—valued at $7.3 billion annually in 2023—second only to payroll in company expenses. Levelpath may be smaller than Zip or Oro Labs but has strong backing and expertise.
Agarwal joined Levelpath’s board after leading Battery’s Series B, drawing from his experience with Coupa’s $8 billion private buyout. He praised the founders’ track record and product.
“They have such a strong reputation for delivering product, being good people to work with, and doing what they say they’re going to do,”
Neeraj Agarwal told TechCrunch.
“Customers want to work with them and help them build this next-generation product.”
Garber and Yakubovich, lifelong friends from Ohio and immigrants from the former Soviet Union, have worked together for over 20 years. Their goal is simple: make procurement software people want to use.
“It makes the cash register ring because of these savings,”
Agarwal added.
Levelpath’s fresh take on procurement software is well funded and closely watched. The company aims to shake up a market long dominated by clunky legacy systems.
