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About Tropic
Industries
Enterprise Software
Company Size
201-500
Company Stage
Series B
Total Funding
$65.3M
Headquarters
New York City, New York
Founded
2019
Overview
Tropic provides a software procurement platform designed to help businesses efficiently purchase and manage their software. The platform allows finance and IT managers to oversee all software spending in one location, which simplifies the procurement process and helps save time and reduce costs. Key features include management of software renewals and identification of overlapping software usage, which further enhances its utility. Tropic operates on a subscription-based model, generating recurring revenue from its clients. The platform is noted for its user-friendly interface and responsive customer service, making it a valuable extension of the client's team in managing their software expenses. The goal of Tropic is to streamline software procurement for businesses, particularly in the finance and IT sectors.
Simplify's Take
What believers are saying
- Tropic's AI solution achieved over $300 million in savings for organizations.
- The BNPL option offers flexibility and control over cash flow for high-growth companies.
- Expansion of leadership team enhances strategic decision-making and operational efficiency.
What critics are saying
- Rapid expansion may strain Tropic's operational capabilities, affecting service quality.
- BNPL option exposes Tropic to financial risks if customers default on payments.
- Competitive AI integration race may strain resources and impact long-term planning.
What makes Tropic unique
- Tropic integrates unbiased market data with spend management tools for cost reduction.
- The platform offers features for managing renewals and identifying software usage overlaps.
- Tropic acts as an extension of clients' teams, managing 100% of their software spend.
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Funding
Total Funding
$65.3M
Above
Industry Average
Funded Over
3 Rounds
Insight PartnersIndustry standards
Growth & Insights and Company News
6 month growth
↑ 1%1 year growth
↑ 0%2 year growth
↑ 5%Company evolves its business model, delivering an AI spend management solution that centralizes processes and insights to help organizations navigate complexity and achieve over $300 million in savings.NEW YORK, Nov. 13, 2024 /PRNewswire/ -- Tropic is reshaping spend management with an AI solution that puts actionable, proprietary data in the hands of organizations by removing the time-consuming hassle of navigating scattered data across systems. By unifying and harnessing spend data, Tropic democratizes spend management, empowering finance, procurement, and IT teams to identify waste, reduce costs, and drive streamlined growth—all while addressing resource and compliance demands.This news comes on the heels of a banner year for Tropic. Since launching its first-ever technology offering in late 2023, the organization has grown exponentially. It doubled its software revenue year-over-year, is now serving over 500 customers like Zapier, Plaid and Notion and has more than $10 billion in spend under management. To keep up with this incredible growth, in the last year Tropic has also expanded its world-class leadership team with the appointments of Russell Lester to CFO, Liesl Geier to CMO and Maya Connet to Vice President of Global Sales.Organizations today face unprecedented challenges managing spend - accelerated digital transformation, a competitive race to AI, and economic uncertainty
NEW YORK, NY, Tropic has secured $2.1 million in seed financing led by Founder Collective.
Pixabay. It’s time procurement caught up with the fourth industrial revolution
To combat these threats, Tropic has launched the Supplier Code of Ethics.
NEW YORK--(BUSINESS WIRE)--Tropic, the all-in-one SaaS procurement platform that helps companies optimize their software spend, today announced a partnership with Tranch, a B2B Buy Now Pay Later (BNPL) provider, to allow its customers to pay their software costs on their terms. The Tranch partnership is the latest addition to Tropic's robust SaaS procurement solution that streamlines every stage of SaaS purchasing from discovery to purchase to management. In addition to Tropic customers reducing their annual SaaS spend by 20%, the BNPL option gives companies flexibility in payment options, giving high growth companies more control over their cash flow. “In this period of economic uncertainty, cash is definitely king, but effective cash flow management is weighing heavily on the minds of many growing businesses. With software now a top three spending category for most companies, today's businesses need more payment options that offer flexibility, seamlessness and predictability for responsible software spend,” said David Campbell, CEO and co-founder of Tropic. “The addition of a BNPL option is another way Tropic is helping its customers make SaaS buying a strategic advantage, by allowing them to pay on their terms.”
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About Tropic
Industries
Enterprise Software
Company Size
201-500
Company Stage
Series B
Total Funding
$65.3M
Headquarters
New York City, New York
Founded
2019
There are no jobs for Tropic right now.
Find jobs on Simplify and start your career today