Candex, a provider of vendor management and tail-spend solutions for large enterprises, has closed a $33 million Series C financing led by 9Yards Capital, with participation from Hedosophia and existing backers including Goldman Sachs, Altos Ventures, Craft Ventures, NFX and Edenred. This latest round brings Candex’s total funding to over $115 million.
Since its 2023 Series B, Candex has nearly doubled its customer base to more than 140 global enterprises and expects to manage over $1 billion in spend this year. The new capital will support continued international growth, expand the platform’s capabilities and accelerate product innovation.
“We’re grateful for the trust and support our new and long-time investors have placed in us,” said Jeremy Lappin, CEO and Co-founder of Candex. “Every large enterprise knows the frustration of managing thousands of small but critical suppliers. This funding lets us tackle that challenge at an even bigger scale, so our customers can stay compliant, move faster, and focus on what really drives their businesses forward.”
9Yards Capital, a growth-stage fund with over $1 billion in assets under management, led the round.
“At 9Yards, we back foundational software companies with N-of-1 potential,” said Hunter McNabb, General Partner at 9Yards Capital. “We were drawn to Candex’s ability to solve one of procurement’s most persistent challenges at scale. This funding supports their continued product leadership, acceleration into new markets, and commitment to operational excellence.”
