Omnea has raised USD 20 million in Series A funding round to make procurement simpler and provide firms with optimised control over their spending. Following this announcement, Omnea will use the funding in order to triple its headcount by the end of 2025, investing in both the R&D and GTM teams as well as opening US offices.

The investment was led by Accel, with participation from existing investors First Round Capital and Point Nine, who led the previously unannounced USD 5 million seed round. Alongside the funding round, Omnea also announced the expansion of its AI capabilities that were designed to further improve the employee experience of the procurement process. Furthermore, the firm will roll out a new suite of advanced third-party risk management features that will assess supplier risk throughout the full lifecycle.

More information about the funding round According to the official press release, most businesses today find the procurement experience complex and difficult, as the process has become increasingly decentralised, with legal, security, finance, ESG, and governance considerations to factor in every purchase. At the same time, it currently also takes an average of six months and the involvement of upwards of 11 stakeholders for a tool to move from identification to final purchase. This delay often pushes employees to disregard the procurement procedure, resulting in unnecessary supplier risk and shadow IT.

Omnea was developed in order to manage and automate a company’s full supplier lifecycle across both spending and risk management. Its platform increases the strength of a firm’s spending controls by automating procurement processes through Omnea’s no-code workflows. At the same time, the company also ensures that the procedure is easy to follow and that everyone involved gets a custom experience and only has visibility of the information they need to review.

This aims to save them time and money while preventing information security and compliance hardships. .