TLDR:
- Dice, a spend management startup, raises $5 million in funding led by Dallas Venture Capital India Fund.
- The funding will be used for go-to-market initiatives, market penetration, and customer outreach.
Dice, an enterprise spend management startup, has raised $5 million in a Series A funding round led by venture capital firm Dallas Venture Capital (DVC). The round also saw participation from venture capital fund GVFL (formerly Gujarat Venture Finance Limited). The newly raised funds will be used for various go-to-market initiatives, including enhancing market penetration, broadening customer outreach, optimizing sales and marketing strategies, and enhancing its artificial intelligence (AI) capabilities. The company plans to expand its software revenue base in the US and Middle East through the DVC Advantage program. Founded in 2018, Dice provides corporate spend orchestration, digital commerce, and payments platform for enterprises, offering accounts payable, procurement management, subscription management, expense and travel administration, payment and budget management, and workflow control solutions. The startup leverages AI to automate processes and enhance data analytics. Some major clients of Dice include Bajaj Electricals, Piramal Enterprises, and IDFC First Bank. The funding from Dallas Venture Capital India Fund will help accelerate Dice’s growth in India and the USA by leveraging an extensive network of advisors and partners. Dice’s key competitors include Fleetcor, Coupa, Sage Group, and Tipalti. The funding round showcases the startup’s potential for expansion and innovation in the enterprise spend management sector.
