(Photo by Flickr user Pictures of Money, used under a Creative Commons license)
D.C.-based Procurated, a newly-launched startup that curates a public sector peer review platform, announced that it has closed on a $2.5 million seed round of funding co-led by Chicago-based Limerick Hill LLC and D.C.-based MayFive Holdings.
Launched this year, the tech startup developed a digital platform that allows public sector organizations to incorporate peer reviews into their supplier selection process, a press release states. The platform aims to help state and local government, educational and non-profit purchasers connect with the most qualified suppliers for their needs. Purchasers will be able to search through different reviews and ratings for performance information in order to find their suppliers.
“We started Procurated to solve one of the most critical challenges facing procurement officials, a problem I grappled with personally when I ran a multi-billion-dollar procurement office,” David Yarkin, founder and CEO of Procurated, said in statement. “Procurement leaders find it increasingly challenging to understand and evaluate the past performance of prospective suppliers because they often provide only cherry-picked references. By enabling candid supplier reviews from purchasing officials across the country, Procurated enables procurement professionals to make much more informed purchasing decisions.”
Procurated’s office is located in the Dupont Circle area, at 1875 Connecticut Avenue NW. The company currently has four full-time employees, Procurated’s Director of Marketing Alex Stonehouse told Technical.ly. Since the company was recently incorporated, this seed round is its initial source of funding, Stonehouse said.
Procurated said it will use this round of seed funding for a pilot program with the Commonwealth of Pennsylvania’s cooperative procurement program. Stonehouse said it will also be used for hiring on its product, marketing and operations teams in the District.
The company plans to officially release its platform to national procurement organizations later this year.-30-
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