Moore Barlow has advised the fast-growing technology company, Brooklyn Vendor Assurance, in a deal that sees it secure £1.8m seed investment.
Headquartered in London, Brooklyn Vendor Assurance has developed innovative, proprietary software that digitises the entire vendor management lifecycle to better control supplier obligations, performance and risk.
Its AI-powered platform is designed to help procurement organisations maximise value for money while delivering compliance across the supply chain and it is disrupting the market as it speeds up onboarding, risk-assessing and governing activities. This includes streamlining and automating multiple aspects of managing supplier contracts, performance, compliance, innovation and sustainability.
The funding round, which was led by venture capital firm Blackfinch Ventures and included participation from London-based Force Over Mass Capital, will support Brooklyn Vendor Assurance on the next stage of its growth strategy.
Jesse Lee, CEO and co-founder of Brooklyn Vendor Assurance, said: “We are delighted to have joined the Blackfinch and Force Over Mass portfolios at such an important time in the journey of Brooklyn Vendor Assurance. Our enterprise vendor management platform helps global businesses govern their supplier contracts and relationships across many areas, including environmental impact, and Blackfinch has identified the procurement domain as ripe for digital disruption. Our alignment with their ESG mandate made them a perfect investment partner and I’d like to thank the Moore Barlow team for their help in getting this deal over the line.”
Jeremy Over added: “We’ve worked with Jesse and the team at Brooklyn Vendor Assurance for well over a year, and this deal is an important milestone in their journey. The business is truly disrupting the enterprise procurement space and with an injection of seed capital, alongside the strategic support of two new investment partners, Jesse and his team have solid foundations for future growth. We wish them the best of luck and can’t wait to see what they have in store next.”
The deal follows a record period of activity for Moore Barlow’s corporate team after it advised on a series of deals with a combined value of more than £830m during the 16-week period to 5 April – an average of one deal per week.