Procural, Bahrain’s B2B tendering platform, raised $1.2 million in a seed investment round from Flagship Holding and Canada’s BenchMatrix.

The investment will help Procural expand its reach and scale its innovative platform, enabling businesses of all sizes to manage their procurement processes efficiently and accelerate growth and product development.

“We found a gap in the market and have developed a secure, scalable solution that can be accessed from anywhere. By streamlining the purchasing process, businesses can save time and money, while also ensuring compliance with their procurement policies. This investment is a validation of our platform’s credibility and potential, and we’re excited to work with Flagship Holding and BenchMatrix to take Procural to the next level. Bahrain’s position as the regional leader in technology and innovation will be strengthened by the platform”

Procural was founded in 2022, as an algorithmic and AI-driven B2B procurement platform that matches vendors to buyers in an efficient, data-driven way. It offers a range of features, including a cloud-based infrastructure, customizable approval workflows, automated purchase orders, and real-time budget tracking.

With the new funding, the startup is planning to expand its team, improve its platform’s capabilities, and accelerate its growth in the B2B procurement market.