Pivot, the Paris and New York-based procurement-software start-up, has raised $40m in a Series B led by Forestay Capital and Notion Capital, taking the company's total funding since its 2023 founding to $70m.

The oversubscribed round drew participation from Greyhound and a slate of procurement-industry operators, including Ariba's former Global VP of Sales and the founder of EcoVadis, alongside existing backers Hedosophia, Visionaries Club and Emblem.

The European reporting carries the round in local currency at €34.4m, with cumulative funding at €60.2m.

Pivot operates in more than 25 countries and processes $3bn (about €2.5bn) in invoices annually, with enterprise customers including DoorDash, Lemonade and Flix. DoorDash adopted Pivot for its European entity and is also using the platform to upgrade intake and vendor-onboarding workflows in parts of its existing stack.

‘Pivot stood out for its ability to support complex operational needs while seamlessly fitting into our existing environment,' said Gordon Lee, DoorDash's Chief Accounting Officer, in the announcement.

‘For Wolt, and related intake and vendor onboarding workflows, we saw an opportunity to improve speed, flexibility, and user experience.'

The capital will go toward deepening Pivot's agentic-AI capabilities, expanding into new enterprise markets and building out integrations with ERPs and financial systems.

The company's framing for the round, on co-founder Marc-Antoine Lacroix's statement, is that procurement and finance leaders are not asking for another workflow layer.

‘They need to know what the business is committing to spend before it becomes a problem at close,' he said. ‘Pivot gives enterprises that visibility, reinforced by agentic AI that shifts the manual grind from a human burden to a machine burden.'

The product Pivot is selling against has been one of the slower-moving categories in enterprise software. Procurement at large companies still travels through disconnected systems, email threads, spreadsheets and manual approval chains, leaving finance teams without visibility into committed spend until it has already moved.

Legacy platforms have promised to fix this for two decades and delivered painful implementations and rigid architectures. A newer wave of intake-and-orchestration tools improved the front end but left the underlying data layer untouched, and the AI features bolted onto both generations have largely underperformed because of the fragmented data they sit on top of.

Pivot's pitch is that it has built the system of record from scratch, with agentic workflows configured on top, rather than retrofitting AI onto an existing procurement stack.

The platform covers sourcing, approvals, purchasing, invoicing, payments, budgets, expenses and reporting inside a single environment, with real-time ERP integrations and support for multi-entity enterprise structures.

The category logic, on lead investor Deborah Pittet's framing at Forestay, is that ‘enterprise procurement has been overdue for a generational shift' and that the architecture-plus-traction combination is what makes Pivot a defensible bet against incumbent platforms.

The round sits inside an active fortnight for European agentic-AI enterprise software. Dust closed its own $40m Series B earlier this month on a thesis that the AI agent that wins the workplace is the one with frictionless distribution inside existing communication surfaces; Synera raised $40m for agentic AI in engineering workflows; and Pivot lands as the third European $40m-tier enterprise agentic-AI raise inside a month.

Each company is targeting a different vertical slice of the same broader bet, that the next generation of enterprise software will be defined by agents operating inside the flow of work rather than by static workflow layers.

Notion Capital's read, articulated by partner Jessica Thomas, is that procurement is ‘one of the last major enterprise functions still waiting to be rebuilt for the AI era', dominated by legacy solutions reliant on manual processes.

‘Pivot is the only player reimagining it from the system-of-record up to serve agentic workflows,' she said, calibrating the bet against the broader agentic-AI positioning hyperscalers have been making.

Pivot did not disclose the round's valuation, the headcount target the new capital will fund, or specific timing for the planned ERP-integration expansions.

Following the company's $21.6m initial round in December 2023, the Series B is the second institutional round inside thirty months. The next visible proof point will be how quickly the announced expansion pulls the customer roster beyond the current DoorDash-Lemonade-Flix anchor and into the deeper end of multi-entity Fortune 500 procurement.