Order.co Company Profile

Background

Overview: Order.co is a procurement and accounts payable automation platform founded in 2016 and headquartered in New York City. The company aims to simplify business purchasing by integrating online shopping ease with advanced purchase order and accounts payable automation. Order.co serves a diverse clientele, including notable companies like WeWork and Hugo Boss.

Mission and Vision: Order.co's mission is to help businesses cut costs and complexity with every order. The company envisions transforming procurement from a routine task into a strategic advantage by providing a centralized platform that offers real-time budget tracking, custom approval workflows, and consolidated net payment terms across all vendors.

Industry Significance: By offering a comprehensive solution that automates procurement and accounts payable processes, Order.co addresses the inefficiencies and complexities inherent in traditional business purchasing methods. Its platform enhances financial operations by simplifying invoice management, automating three-way matching, and improving data accuracy through integrations with leading accounting and ERP systems.

Key Strategic Focus

Core Objectives:

Centralized Procurement: Streamline purchasing processes by consolidating vendor interactions into a single platform.

Cost Reduction: Leverage AI-powered sourcing to achieve average savings of 5% on products.

Operational Efficiency: Automate accounts payable workflows to reduce manual tasks and expedite financial operations.

Areas of Specialization:

Procurement Automation: Automating purchase order management, sourcing, approvals, and payments.

Spend Management: Providing real-time insights into spending by user, location, and cost center.

Key Technologies Utilized:

AI-Powered Sourcing: Utilizing artificial intelligence to identify cost-effective purchasing options.

ERP and Accounting Integrations: Seamless integration with systems like QuickBooks Online, Sage Intacct, and NetSuite.

Primary Markets Targeted:

Mid to Large-Sized Enterprises: Businesses seeking to optimize procurement and accounts payable processes.

Industries with Complex Supply Chains: Sectors requiring streamlined purchasing and payment workflows.

Financials and Funding

Funding History:

Total Funds Raised: $50 million.

Notable Investors: MIT, Stage 2 Capital, Rally Ventures, 645 Ventures.

Utilization of Capital:

Product Development: Enhancing platform features and capabilities.

Market Expansion: Extending reach into new industries and geographic regions.

Talent Acquisition: Recruiting top talent to drive innovation and growth.

Technological Platform and Innovation

Proprietary Technologies:

Consolidated Invoicing: Unifies payments across all vendors into a single weekly or monthly bill, enhancing cash flow predictability and simplifying invoice management.

Significant Scientific Methods:

AI-Powered Sourcing: Employs artificial intelligence to identify the most cost-effective products, leading to average savings of 5% on purchases.

Leadership Team

Key Executives:

Zachary Garippa: Co-founder and CEO.

Thomas Jaklitsch: Co-founder.

Eric Haydel: Co-founder.

Matthew Garippa: Co-founder.

Brendan Eapen: Co-founder.

Recent Leadership Changes:

Alec Stonitsch: Appointed Vice President of Product, Payments, and Integrations on October 31, 2024.

Competitor Profile

Market Insights and Dynamics:

Market Size and Growth Potential: The procurement and accounts payable automation market is experiencing significant growth as businesses seek to streamline operations and reduce costs.

Industry Trends: Increased adoption of AI and machine learning in procurement processes; emphasis on integrating procurement with financial systems for enhanced visibility and control.

Competitor Analysis:

Ramp: Offers corporate cards with spend management software designed to help companies spend less.

BILL AP/AR: Provides financial automation software for small and midsize businesses, focusing on accounts payable and receivable.

Payhawk: Issues company cards with automated expense management and subscription oversight.

SAP Concur: Simplifies expense, travel, and invoice management for greater visibility and control.

Strategic Collaborations and Partnerships

Significant Collaborations:

ERP and Accounting System Integrations: Direct integrations with QuickBooks Online, Sage Intacct, and NetSuite to streamline procurement and accounts payable processes.

Operational Insights

Strategic Considerations:

Competitive Advantages: Order.co's consolidated invoicing and AI-powered sourcing differentiate it from competitors by offering cost savings and operational efficiency.

Market Position: Recognized as a leader in procurement and accounts payable automation, with accolades such as the 'Winter 2025 Leader' Award and inclusion in the Top 100 Financial Technology Companies list.