July 24, 2024
Enterprise spend management startup Dice raises $5 million from Dallas Venture Capital, GVFL - SME News

Enterprise spend management platform has raised $5 million in Series A funding led by cross-border venture capital firm Dallas Venture Capital (DVC) with ‘significant participation’ from GVFL (formerly known as Gujarat Venture Finance Limited), according to a statement.

The company will deploy the capital towards its go-to-market (GTM) initiatives to enhance market penetration, broaden customer outreach, optimize sales and marketing strategies, and enhance its AI capabilities to improve user experience.

Dice offers a distinctive value proposition which uniquely leverages GenAI to enable enterprise spend process automation, easy workflow configuration, and consequent cycle time reduction freeing up significant working capital for an impressive array of partners and clientele,” said Gokul Dixit, Partner, Dallas Venture Capital.

DVC is a US and India-based venture capital firm investing in cloud infrastructure, B2B SaaS, AI/ML, mobile, XR and other emerging technologies.

Dice said it uses artificial intelligence (AI) to streamline and enhance enterprise consumption of B2B goods and services and manage spending across multiple channels including travel, reimbursements, and imprest to procurement, accounts payable, and utility payments.

Speaking on the fundraising, Prashant Singh Kushwah, Co-Founder and CEO, Dice said the funding will empower the company to expand its product offerings, grow rapidly in overseas markets, and deliver even more value to its clients

“We aim to democratize spend management for all stakeholders through inclusive commerce, transaction processing capabilities, and payment rails,” said Kushwah.

The global business spend management software market is expected to grow from $19.07 billion in 2022 to $46.42 billion by 2030, at a CAGR of 11.9 per cent, as per market research firm Fortune Business Insights. The growth is expected on the back of increased adoption and integration of cloud-based solutions and AI in businesses.

“Dice is addressing critical inefficiencies in corporate spend processes by leveraging AI in their horizontal no code solution. With their rock solid GTM the company has also scaled and garnered various partnerships, building an impressive clientele,” said Kamal Bansal, Managing Director, GVFL.

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