Tropic

Software procurement platform for businesses

New York City, New York, United States

About Tropic

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 adds further value for clients. Tropic operates on a subscription-based model, generating recurring revenue from its users. Clients have reported significant benefits, including a user-friendly interface and responsive customer service, making Tropic an extension of their team in managing software expenses. The goal of Tropic is to streamline software procurement for businesses across various industries, particularly in finance and IT.

New York City, New YorkHeadquarters
2019Year Founded
$65.3MTotal Funding
SERIES_BCompany Stage
Enterprise SoftwareIndustries
201-500Employees

Risks

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.

Differentiation

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.

Upsides

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.

Funding

Total raised$65.27 M
Latest valuation$200.00 M
StageSERIES_B
SERIES B
1/31/2022
$40
$200.00 M
$25
$125.00 M