About Tropic
Tropic is a company based in New York (United States) founded in 2020 by Justin Etkin and David Campbell. It operates as a SaaS (Software-as-a-Service), and Managed Services. Tropic has raised $67.1 million across 3 funding rounds from investors including Canaan, Insight Partners and Founder Collective. Tropic offers products and services including Tropic AI Spend Management Platform, Compliance Copilot, and Negotiation Navigator. Tropic operates in a competitive market with competitors including Coupa, Airbase, Bizongo, Procurify and Ivalua, among others.
- Headquarter New York, United States
- Founders Justin Etkin, David Campbell
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Sectors
Technology
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Email
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Phone
*********
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Website
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Social
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- Legal Name Tropic Technologies
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Annual Revenue
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Net Profit
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EBITDA
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Total Equity Funding
$67.1 M (USD)
in 3 rounds
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Latest Funding Round
$40 M (USD), Series B
Feb 15, 2022
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Investors
Canaan
& 11 more
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Employee Count
Employee Count
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Products & Services of Tropic
Tropic offers a comprehensive portfolio of products and services, including Tropic AI Spend Management Platform, Compliance Copilot, and Negotiation Navigator. The company's diverse product and service offerings are designed to meet the evolving needs of its customers, address market demands, and provide comprehensive solutions that drive value creation and customer satisfaction across various segments and use cases.
Spend management is facilitated through AI-driven procurement solutions.
Policy compliance is ensured by automating purchase reviews.
Negotiation insights are provided for securing better deals.
Unlock access to complete
Funding Insights of Tropic
Tropic has successfully raised a total of $67.1M across 3 strategic funding rounds. The most recent funding activity was a Series B round of $40 million completed in February 2022. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding Total Funding
- Total Rounds 3
- Last Round Series B — $40.0M
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First Round
First Round
(08 Apr 2020)
- Investors Count 12
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Feb, 2022 | Amount | Series B - Tropic | Valuation | Insight Partners |
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| Aug, 2021 | Amount | Series A - Tropic | Valuation | Canaan | |
| Apr, 2020 | Amount | Seed - Tropic | Valuation | Founder Collective |
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Investors in Tropic
Tropic has secured backing from 12 investors, including venture fund, angel, and institutional investors. Prominent investors backing the company include Canaan, Insight Partners and Founder Collective. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
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Investment firm scaling software and technology companies from early to late stages.
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Founded Year | Domain | Location | |
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Canaan is recognized as an early-stage venture capital firm.
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Founded Year | Domain | Location | |
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Venture capital firm focused on tech sectors
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Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
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Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
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Founded Year | Domain | Location | |
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Startup ecosystems are ignited through strategic investments by Signite Partners.
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Founded Year | Domain | Location | |
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Venture capital is directed toward companies in multiple sectors.
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Founded Year | Domain | Location | |
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Venture capital is invested in cybersecurity, fintech, and AI startups.
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Founded Year | Domain | Location |
Investments & Acquisitions by Tropic
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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Bionic investment advisor platform
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2016 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 |
Financial Statements - Tropic
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Tropic Comparisons
Competitors of Tropic
Tropic operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Coupa, Airbase, Bizongo, Procurify and Ivalua, among others. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Cloud-based end-to-end spend management software is delivered for businesses.
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| domain | founded_year | HQ Location |
Procure-to-pay management software is offered for business operations.
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| domain | founded_year | HQ Location |
Platform offering AI-powered vendor digitization, procurement and supply chain financing solutions
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| domain | founded_year | HQ Location |
SaaS spend management software is used to automate procure-to-pay operations.
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| domain | founded_year | HQ Location |
Procurement management solutions are delivered for business operations.
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| domain | founded_year | HQ Location |
An AI-based platform for global sourcing and outsourcing is offered.
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| Company Name | Domain | Founded year | HQ Location | Description |
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| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
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| domain | founded_year | HQ Location |
On-demand services are booked through an app-based platform.
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| domain | founded_year | HQ Location |
App based platform offering on demand delivery and ride-hailing services
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| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
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Latest news on Tropic
Frequently Asked Questions about Tropic
When was Tropic founded?
Tropic was founded in 2020.
Where is Tropic located?
Tropic is headquartered in New York, United States. It is registered at New York, New York, United States.
Who is the current CEO of Tropic?
David Campbell is the current CEO of Tropic. They have also founded this company.
Is Tropic a funded company?
Tropic is a funded company, having raised a total of $67.1M across 3 funding rounds to date. The company's 1st funding round was a Seed of $2.1M, raised on Apr 08, 2020.
What does Tropic do?
Tropic Technologies is engaged in delivering intelligent spend management solutions via an AI-powered platform. The company operates in the technology sector, focusing on SaaS solutions for procurement orchestration. Services include spend intelligence, supplier insights, contract management, and workflow automation. Integration with over 75 systems is supported to unify supplier data and enhance strategic decision-making. Tools like Compliance Copilot and Negotiation Navigator are offered to ensure policy adherence and optimize deal negotiations. The platform targets finance, procurement, IT, and accounting personas, addressing use cases such as cost savings, supplier risk, and spend compliance.
What products or services does Tropic offer?
Tropic offers Tropic AI Spend Management Platform, Compliance Copilot, and Negotiation Navigator.
Who are Tropic's investors?
Tropic has 12 investors. Key investors include Canaan, Insight Partners, Founder Collective, Shine Capital, and Mischief.