The round was led by Microequities Venture Capital Fund, with participation from Aconex founders Leigh Jasper and Rob Phillpot. Following the investment, Justin Lipman of Microequities Venture Capital Fund will join the VendorPanel board.
The company intends to use the funds to accelerate growth, extend product development, and expand into new international markets.
Founded in 2008 by James Leathem, and first launched in 2010, VendorPanel provides a procurement platform for government and enterprise in Australia and overseas. The platform is used by 1,235 government bodies, universities, utility companies and corporate organisations in Australia and overseas to manage over $2.4billion in low-value procurement.
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